证券日报网讯 1月9日，康美药业在互动平台回答投资者提问时表示，公司在满足利润分配的条件下， 将结合实际经营状况、现金流水平、未来发展需求等因素综合考虑制订股东回报计划以回馈广大投资 者。 （文章来源：证券日报） ...

Core Viewpoint - The company emphasizes the complexity and high production difficulty of aircraft engines, which are considered a capital-intensive industry and a crucial part of modern industrial technology [2] Company Summary - The company is continuously adjusting its product structure and increasing R&D investment to enhance the maturity of its manufacturing processes [2] - The company has established a shareholder return plan for the next three years (2025-2027) to ensure continuity and stability in profit distribution, taking into account industry characteristics and sustainable development [2] - Since its listing, the company has maintained a cash dividend ratio exceeding 30% of its net profit [2]

Core Viewpoint - The acquisition of Siyuanli is expected to significantly enhance the company's performance, leading to an upward revision of the net profit forecasts for 2025-2027 [1] Group 1: Financial Performance and Projections - The revised net profit estimates for Meili Tianyuan Medical Health (02373) are 320 million, 440 million, and 490 million RMB for 2025, 2026, and 2027 respectively, reflecting increases of 5%, 26%, and 21% [1] - Corresponding EPS for the same years are projected to be 1.36, 1.86, and 2.09 RMB, with current PE ratios of 20, 14, and 13 times [1] Group 2: Shareholder Return Plan - The company announced a long-term shareholder return plan, aiming to utilize up to 1.2 billion HKD over the next three years [2] - The return plan will be executed through two main methods: annual dividends of no less than 50% of the company's net profit and ongoing share buybacks [3] Group 3: Acquisition of Siyuanli - The company announced a strategic acquisition of 100% of Siyuanli for 1.25 billion RMB, which is the third-largest beauty service brand in China [4] - Following the acquisition, approximately 60,000 active members from Siyuanli will be integrated into the company's membership system, increasing the active membership base by over 44% [4] - The acquisition is expected to significantly enhance the company's market share in high-tier cities, solidifying its position as an industry leader [4] Group 4: Growth Strategy - The company employs a "dual growth" strategy, combining organic growth with acquisitions, which has successfully built a high-quality membership system [5] - The successful integration of the second-largest brand, Nairui, has demonstrated the company's capability in synergistic integration, with Nairui's net profit margin increasing from 6.5% to 10.4% post-acquisition [5] - The company anticipates that the acquisition of Siyuanli will further enhance operational efficiency and strengthen the competitive position of both Siyuanli and Meili Tianyuan brands [5]

Core Viewpoint - The company announced a long-term shareholder return plan, expecting to utilize up to HKD 1.2 billion over the next three years to provide returns to shareholders [4]. Group 1: Shareholder Return Plan - The shareholder return plan will be implemented through two main methods: an annual dividend of no less than 50% of the company's net profit attributable to shareholders and ongoing share buybacks [5]. - This substantial shareholder return plan reflects the company's strong confidence in its future development and indicates a solid cash flow foundation and comprehensive strength [5]. Group 2: Acquisition of Si Yan Li - In October, the company announced a strategic acquisition of 100% equity in Si Yan Li for RMB 1.25 billion, which is the third-largest beauty service brand in China [6]. - Following the acquisition, approximately 60,000 active members from Si Yan Li will be integrated into the company's membership system, leading to a more than 44% increase in active membership [6]. - The company's market share in high-tier cities will significantly increase, further solidifying its position as an industry leader [6]. Group 3: Growth Strategy - The company employs a "dual-driven" growth strategy, combining internal growth with external acquisitions [7]. - Internally, the company has established a high-quality membership system through its "Double Beauty + Double Health" business model [7]. - Externally, the successful acquisition of the second-largest brand, Nai Rui Er, has improved its net profit margin from 6.5% to 10.4% in the first half of 2025, showcasing the company's integration capabilities [7]. - The company is expected to leverage its extensive acquisition experience to enhance the operational efficiency of Si Yan Li, thereby increasing its industry influence and competitiveness [7].

Core Viewpoint - Meili Tianyuan Medical Health (02373.HK) announced a significant shareholder return plan, intending to utilize up to HKD 1.2 billion over the next three years through dividends and share buybacks [2][3]. Group 1: Shareholder Return Plan - The company plans to distribute annual dividends amounting to no less than 50% of the net profit attributable to shareholders for the next three complete financial years [3]. - The company has received authorization to repurchase up to 23.5796 million shares under the existing buyback authorization, with 605,500 shares already repurchased as of November 4 [3][5]. Group 2: Market Reaction and Analysis - Following the announcement, the stock price of Meili Tianyuan rose by 3.13%, reaching HKD 30.34 per share [2]. - Analysts believe the feasibility of the shareholder return plan hinges on the company's ability to deliver stable performance, which is essential for sustaining shareholder returns [2][5]. - The management's decision to implement this plan is seen as a confidence signal in the company's long-term value, especially amid recent stock price declines [5]. Group 3: Future Considerations - The success of the shareholder return plan will ultimately depend on the company's ability to fulfill its commitments and demonstrate performance through quarterly results [5]. - Meili Tianyuan is also anticipated to be a contender for the "Top 100 Hong Kong Stocks" list, which could further enhance its market position [5].

Core Viewpoint - First Shanghai has given New Oriental-S (09901, EDU.US) a target price of $74.5 / HKD 57.9 based on a 25x PE for FY26E net profit, maintaining a buy rating due to the stabilization of core business and significant shareholder returns [1] Group 1: Performance Overview - For FY26Q1, the company reported a net revenue of $1.52 billion, a year-on-year increase of 6.1%, slightly exceeding previous guidance [2] - Operating profit reached $310 million, up 6% year-on-year, while Non-GAAP operating profit was $336 million, reflecting an 11.3% increase [2] - The net profit attributable to shareholders was $240 million, down 1.9% year-on-year, primarily due to dividend withholding tax and fluctuations in other income [2] Group 2: Education Business Performance - In FY26Q1, the overseas exam preparation and study abroad consulting businesses grew by 1.0% and 2.0% year-on-year, respectively, with youth exam training showing faster growth [3] - The university and adult exam business saw a year-on-year growth of 14.4% [3] - New business revenue increased by 15.3% year-on-year, with non-academic tutoring registrations reaching 530,000, a 9.5% increase [3] - The active paying users for the smart learning system and devices reached 452,000, up 39.9% year-on-year [3] Group 3: FY26Q2 and FY26 Outlook - The company expects FY26Q2 net revenue to be between $1.132 billion and $1.163 billion, representing a year-on-year growth of 9% to 12% [4] - For FY26, the total net revenue is projected to be between $5.145 billion and $5.39 billion, with a year-on-year growth of 5% to 10% [4] Group 4: Shareholder Return Plan - In July 2025, the company approved a three-year shareholder return plan, committing to return no less than 50% of the previous fiscal year's net profit to shareholders starting from FY26 [5] - The shareholder return plan includes a cash dividend of $190 million (to be paid in two installments) and a $300 million buyback within the next 12 months, resulting in a total return rate of approximately 5% [5] - The total planned return through dividends and buybacks amounts to $490 million [5]

Core Viewpoint - The company aims to enhance shareholder value by potentially utilizing up to HKD 1.2 billion over the next three years through dividends and share buybacks [1] Group 1: Dividend Policy - The company plans to declare annual dividends according to its current dividend policy, committing to distribute no less than 50% of the net profit attributable to shareholders each year during the next three complete financial years [1] Group 2: Share Buyback - The company intends to repurchase its shares through market buybacks, based on a general mandate granted at the shareholders' annual general meeting scheduled for June 27, 2025, following the expiration of the existing buyback authorization [1]

Core Viewpoint - The company, 美丽田园医疗健康 (02373), has announced a plan to enhance shareholder value by potentially utilizing up to HKD 1.2 billion over the next three years through dividends and share buybacks [1] Group 1: Shareholder Returns - The board has resolved to provide returns to shareholders via two main methods: (i) declaring annual dividends according to the current dividend policy, with a commitment to distribute no less than 50% of the net profit attributable to shareholders each year for the next three full financial years [1] - The second method involves share buybacks, which will be conducted under a general mandate granted at the upcoming annual general meeting on June 27, 2025, following the expiration of the current buyback authorization [1] Group 2: Financial Impact - The company plans to fund these initiatives through internal resources and expects that the implementation of these plans will not have a significant adverse impact on the group's working capital position [1] - As of the date of the announcement, the company has been authorized to repurchase 23,579,556 shares and has already repurchased a total of 605,500 shares under the existing buyback authorization [1]

Core Insights - New Oriental's 1QFY26 revenue reached $1.523 billion, a year-on-year increase of 6.1%, with education business revenue (including cultural tourism) at $1.366 billion, up 8.5% year-on-year [1] - Non-GAAP operating profit was $336 million, reflecting an 11.3% year-on-year growth, with a Non-GAAP operating profit margin of 22%, expanding by 1.1 percentage points year-on-year [1] - The company announced a shareholder return plan, distributing $190 million in cash dividends and repurchasing up to $300 million in stock [1] Education Business Recovery - The revenue from overseas examination training and consulting reached $328 million, growing by 1% year-on-year, but the growth rate slowed by 19 percentage points compared to the same period last year [2] - The company is adjusting its 1-on-1 training model to a 1-to-many format to lower class prices and is expanding its youth overseas examination training services to enhance growth resilience [2] - New business segments, including K9 non-academic training and learning machines, maintained high growth, with revenue increasing by 15% to $403 million [2] Operating Profit Margin Improvement - Despite a slowdown in high-margin overseas study business growth, the increase in the profit margin of quality education business offset this decline [3] - The company implemented measures such as workforce reduction and cost control, with sales expenses at $200 million, up 3.6% year-on-year, and administrative expenses at $370 million, up 2.4% year-on-year, both growing slower than revenue [3] - The Non-GAAP operating profit margin expanded by 1 percentage point to 22%, continuing the trend from 4QFY25 [3] Rating and Future Guidance - The company projects a 2QFY26 revenue growth of 9-12% year-on-year, exceeding the full-year guidance of 5-10% growth [4] - The education business growth is expected to recover, driven by excellent teaching reputation, with a forecasted increase in renewal rates for regular classes [4] - Revenue forecasts for FY26-FY28 have been raised to $5.38 billion, $5.98 billion, and $6.73 billion, respectively, with Non-GAAP net profit estimates adjusted to $555 million, $610 million, and $679 million [4]

Investment Rating - The report maintains a "Buy" rating for the overseas education sector, particularly highlighting New Oriental's revenue growth acceleration driven by its strong reputation [4]. Core Insights - The overseas education business has reached a bottom in growth, with New Oriental's revenue for Q1 FY26 at $1.523 billion, a year-on-year increase of 6.1%. The education segment (including cultural tourism) generated $1.366 billion, up 8.5% year-on-year [9][10]. - New Oriental's Non-GAAP operating profit was $336 million, reflecting an 11.3% increase, with an operating margin of 22%, expanding by 1.1 percentage points year-on-year [9][11]. - The report anticipates a recovery in the overseas examination training and consulting business, projecting growth to resume in the remaining quarters of FY26 [10]. Summary by Sections Overseas Education - The overseas education sector is showing signs of recovery, with New Oriental's Q1 FY26 revenue growth driven by adjustments in service offerings and a focus on high-quality education [9][10]. - The company has adapted its one-on-one tutoring model to a group format to lower costs and has expanded its youth examination training services, which has contributed to resilience in growth [10]. - New business segments, including K9 non-academic training and learning devices, have maintained high growth, with Q1 revenue increasing by 15% to $403 million [10]. Financial Performance - Despite a slowdown in high-margin study abroad services, improvements in the profitability of other segments have offset this decline. Sales and administrative expenses grew at a slower rate than revenue, indicating effective cost control [11]. - The report highlights a shareholder return plan, including a cash dividend of $190 million and a stock buyback of up to $300 million [9]. Market Trends - The education index has underperformed compared to the Hang Seng Index, with a year-to-date increase of 19.3%, lagging behind the index by 8.9 percentage points [8]. - The report suggests a positive outlook for the sector, particularly for companies with strong brand recognition and quality offerings, such as New Oriental and others in the Chinese education sector [14].