Investment Rating - The report maintains a positive outlook on the overseas education sector, particularly on New Oriental, with an investment rating of "Buy" [12]. Core Insights - New Oriental is expected to achieve revenue of $1.165 billion in 2QFY26, representing a year-on-year growth of 12.2%. The education business (including cultural tourism) is projected to generate $957 million, up 11% year-on-year, while other businesses (mainly Dongfang Zhenxuan) are expected to reach $208 million, growing 18% year-on-year. The Non-GAAP net profit attributable to the parent company is anticipated to be $63 million, reflecting a significant year-on-year increase of 77.8% [6][12]. - The report highlights a slowdown in the growth of the study abroad business, with expected revenue of $242 million in 2QFY26, down 3% year-on-year. This slowdown is attributed to high-end consumption challenges in the one-on-one exam preparation segment. The company is adapting by shifting from one-on-one to one-to-many class formats to lower per-class costs and expanding services to younger students [2][6]. - New business segments, including K9 competency training and learning machine services, are projected to grow by 21% year-on-year to $364 million in 2QFY26. The company aims to enhance operational efficiency and profit margins through improved utilization of existing teaching resources [3][7]. Summary by Sections Market Review - The education index increased by 2.8% during the week, outperforming the Hang Seng Index by 1.8 percentage points. Year-to-date, the education index has risen by 13.1%, lagging behind the Hang Seng Index by 9.18 percentage points [5]. Company Updates - New Oriental's revenue forecast for 2QFY26 is $1.165 billion, with a Non-GAAP net profit of $63 million and a Non-GAAP net profit margin of 5.4%, expanding by 2 percentage points year-on-year [6][12]. - The report notes a significant decline in the growth rate of the study abroad business, with a projected revenue decrease of 3% year-on-year [2][6]. - The new business segment is expected to maintain strong growth, with a projected revenue increase of 21% year-on-year [3][7]. Investment Analysis - The report recommends focusing on Hong Kong vocational education companies, particularly China Oriental Education, due to a rebound in vocational training demand and the company's proactive operational adjustments. It also suggests monitoring higher education companies as profitability is expected to improve [12].

留学业务增速触底。我们预计2QFY26 出国考试培训及咨询业务收入2.42 亿美元，同比下降3%，增速 较去年同期放缓33.3 个百分点（去年同期为高基数），较1QFY26 放缓4 个百分点。 留学业务中高端的出国考培1 对1 业务，因其偏高端消费，业务增长受到挑战。公司通过调整1对1 班型 至1 对多，从而降低课时单价；并通过增加青少年出国考培业务，扩展服务对象，以便提升出国业务增 长韧性。我们预计出国留学考培及咨询业务增速将于2QFY26 触底。 新业务增长保持强劲。我们预计2Q 新业务（K9 素养教培+学习机业务等）收入同比增长21%至3.64 亿 美元，非学科素养业务的高增得以持续。公司将通过产品矩阵，于小学阶段提供素养班课，于初中阶段 推出学习机订阅服务来满足小学素质培训、中学学科培训的差异化需求，带动新业务快速增长。我们预 计2Q 教学网点增至1368 个，同比增长20%，增速较1QFY26 放缓3.7 个百分点。公司将通过挖掘现有教 学网点产能利用率，提升运营效率，带动利润率进一步扩张。 经营利润率改善。虽然高利润率的留学业务增长放缓，但被素养业务利润率提升抵消。同时公司持续推 进一系列诸如人员 ...

上 市 公 司 公 司 研 究 / 公 司 点 评 社会服务 2025 年 12 月 25 日 新东方-S (09901) ——经营效率提升，利润率扩张提速 报告原因：调整投资评级 买入（上调） | 市场数据： | 2025 年 12 月 24 日 | | --- | --- | | 收盘价（港币） | 43.58 | | 恒生中国企业指数 | 8915.12 | | 52 周最高/最低（港币） | 49.90/31.20 | | H 股市值（亿港币） | 751.92 | | 流通 H 股（百万股） | 1,591.46 | | 汇率（港币/人民币） | 0.9067 | 一年内股价与基准指数对比走势： -33% 17% 67% HSCEI 新东方-S 资料来源：Bloomberg 相关研究 - 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 联系人 黄哲 A0230513030001 huangzhe@swsresearch.com 投资要点： 我们预计新东方 2QFY26 收入 11.65 亿美元，同比增长 12.2%。其中教育业务（含文旅）实现 收入 ...

Core Insights - Cintas Corp. reported second-quarter results that exceeded analyst expectations and raised its full-year outlook, driven by steady organic growth, margin expansion, and strong cash generation [1] Financial Performance - The company posted diluted earnings of $1.21 per share for the quarter ended November 30, an increase from $1.09 a year earlier and slightly above analyst expectations [2] - Revenue increased by 9.3% year over year to $2.80 billion from $2.56 billion, supported by 8.6% organic growth and an additional 0.7% contribution from acquisitions [2] - Gross profit rose by 10.6% to $1.41 billion, with gross margin expanding by 60 basis points to 50.4% [3] - Operating income climbed by 10.9% to $655.7 million, resulting in a record high operating margin of 23.4% [3] - Net income increased by 10.4% to $495.3 million, reflecting higher volumes across business segments and continued operating discipline [3] Strategic Outlook - CEO Todd Schneider highlighted that the quarter delivered record revenue and strong cash generation, emphasizing effective execution of the company's strategy and ongoing technology investments [4] - Cintas raised its fiscal 2026 guidance, now expecting earnings of $4.81 to $4.88 per share, compared to a prior range of $4.74 to $4.86, aligning with consensus forecasts [5] - Revenue projections were updated to range from $11.15 billion to $11.22 billion, up from the earlier outlook of $11.06 billion to $11.18 billion [5]

里昂发布研报称，京东健康（06618） 与阿里健康（00241）今年第三季度业绩强劲，并鉴于以旧换新政策的基数效应，认为这两间公司第四 季度业绩指引较为保守，但他们对明年的药品销售增长及利润率扩张均持正面展望。里昂预测两家公司 明年收入将实现双位数增长，其中京东健康增速更快； 并将阿里健康目标价从6.5港元下调至6港元，以反映第三方商品交易总额及营收增长预期放缓；而京东 健康目标价则为71港元；两间公司均维持"跑赢大市"评级。 里昂预计，上述两家公司原研药销售从医院内渠道转向医院外渠道，以及药企营销预算向线上转移的趋 势预计将持续数年。里昂又预计，两间公司下季度的营收年增率均在15%左右；并预计在原研药销售持 续增长的支撑下，京东健康2026财年营收将实现接近20%的同比增长，阿里健康2027财年营收将实现接 低十位数（low teens）的同比增长。然而，由于以旧换新基数较高，医疗器械销售可能会放缓，阿里健康在营养品、 第三方商品交易总额（GMV）和营收方面可能面临更大的压力；两家公司的长期调整后净利润率约为 13%。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 里昂发布研报称，京东健 ...

Core Viewpoint - C.H. Robinson Worldwide (CHRW) reported mixed third-quarter 2025 results, with earnings exceeding estimates but revenues falling short, leading to questions about the sustainability of its recent positive stock performance [3][4][16]. Financial Performance - Quarterly earnings per share were $1.40, surpassing the Zacks Consensus Estimate of $1.29, reflecting a year-over-year improvement of 9.3% [4]. - Total revenues amounted to $4.14 billion, missing the Zacks Consensus Estimate of $4.29 billion and declining 10.9% year over year due to the divestiture of the Europe Surface Transportation business and lower pricing and volume in ocean and truckload services [4]. - Adjusted gross profits decreased by 4% year over year to $706.1 million, impacted by lower transaction volume in ocean services and the divestiture, although partially offset by higher profits in less than truckload (LTL) and customs services [6]. Segment Performance - North American Surface Transportation revenues were $2.96 billion, up 1.1% year over year, driven by higher volumes in truckload and LTL services, despite lower pricing in truckload services [8]. - Global Forwarding revenues fell 31.1% year over year to $786.34 million, attributed to lower pricing and volume in ocean services [9]. - Adjusted gross profits for the Transportation unit were $670.85 million, down 4.5% from the prior year, with LTL, Air, Customs, and Other logistics services showing growth, while Truckload and Ocean services experienced declines [10]. Balance Sheet and Cash Flow - Cash and cash equivalents at the end of the third quarter were $136.83 million, down from $155.99 million in the previous quarter, while long-term debt increased to $1.18 billion from $922.31 million [11]. - Cash generated from operations was $275.4 million, significantly up from $108.1 million in the same quarter last year, driven by increased net income and reduced cash used in working capital [12]. Shareholder Returns and Capital Expenditures - The company returned $189.6 million to shareholders, including $74.7 million in dividends and $114.9 million in share repurchases, with capital expenditures totaling $18.6 million for the quarter [13]. - For the full year 2025, capital expenditures are expected to be between $65 million and $75 million [13]. Market Sentiment and Outlook - There has been a downward trend in earnings estimates, with a consensus estimate shift of -5.37% [14]. - C.H. Robinson holds a Zacks Rank 3 (Hold), indicating expectations for an in-line return in the coming months [16].

Financial Data and Key Metrics Changes - Amer Sports reported a 30% growth in sales for Q3, with an adjusted operating margin expansion of 130 basis points and adjusted EPS more than doubling [4][19][20] - Adjusted gross margin increased by 240 basis points to 57.9%, driven by favorable channel, geographic, product, and brand mix [20] - Adjusted net income for Q3 was $185 million, compared to $71 million in the prior year, with adjusted diluted EPS of $0.33 versus $0.14 last year [21] Business Line Data and Key Metrics Changes - Technical apparel revenues increased by 31% to $683 million, led by Arc'teryx, with direct-to-consumer growth of 46% [21][22] - Outdoor performance segment saw revenues increase by 36% to $724 million, driven by strong performance in Salomon footwear and apparel [26] - Ball and racket segment revenue increased by 16% to $350 million, with soft goods more than doubling in the quarter [32][33] Market Data and Key Metrics Changes - Regional growth was led by Asia-Pacific, which increased by 54%, followed by China at 47%, EMEA at 23%, and the Americas at 18% [20] - Salomon footwear experienced strong demand across all regions, particularly in Asia, with significant growth in both sports style and performance products [12][13] - The company noted a strong pull demand in Europe, particularly for Salomon, which is experiencing accelerating demand [14] Company Strategy and Development Direction - Amer Sports aims to leverage its unique portfolio of premium brands to capture market share in the sports and outdoor sectors [5] - The company is focusing on expanding its direct-to-consumer channels and optimizing its retail footprint, particularly in Greater China [6][25] - The strategy includes opening new flagship stores and enhancing brand presence in key metro markets globally [13][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing strong brand performance and market demand [5][19] - The company is raising its full-year revenue, margin, and EPS expectations based on strong Q3 results and continued momentum [19][38] - Management acknowledged challenges from recent incidents but emphasized a commitment to community engagement and brand recovery [6][41] Other Important Information - The company plans to open approximately 25 net new Arc'teryx stores for the full year, with a focus on North America [23] - Amer Sports is also expanding its presence in the U.S. market with new Salomon and Wilson stores, targeting key urban areas [30][34] - The company expects inventory growth rates to normalize in the second half of 2026 [37] Q&A Session Summary Question: Has there been a sales impact in China following the fireworks incident? - Arc'teryx's sales trends were softer at the beginning of Q4 but have since rebounded as weather has cooled, with no impact on Q4 guidance [41][42] Question: Can you elaborate on the confidence in guiding 2026 revenue growth to mid-teens? - Management expressed confidence in achieving mid-teens growth patterns in 2026 based on a solid foundation built in 2025 [42] Question: What is the status of Salomon's distribution in the U.S.? - Salomon is focusing on building its presence in the U.S. market, with a strategy to open more epicenter stores and enhance brand awareness [46][48] Question: What is the long-term opportunity for Tennis 360 stores outside of China? - The Tennis 360 concept is still in early stages in North America, with plans for expansion in southern and coastal markets [51] Question: How is the margin outlook for the fourth quarter? - The fourth quarter is expected to see some margin headwinds due to tariffs and ongoing investments, but management remains optimistic about overall performance [59]

Financial Data and Key Metrics Changes - Second quarter revenue was $327 million, reflecting a 5% reported revenue decline, while year-to-date revenue was $649 million, also down 5% [4] - Adjusted EPS increased 13% in the quarter to $1.27 and 11% year-to-date to $2.36 [16] - Adjusted gross margin reached 60.5% in the second quarter, up 380 basis points year-over-year [12] - Adjusted operating income increased 5% in the second quarter to $87 million, with adjusted operating margin expanding 250 basis points to 26.7% [15] Business Line Data and Key Metrics Changes - Hospital revenue was $146 million in the second quarter, up 5% on a reported basis and 4% organic [5] - Blood management technologies grew 12% in the quarter and 13% year-to-date, driven by hemostasis management [5] - Plasma revenue was $125 million in the quarter, down 10% on a reported basis, but organic revenue grew 19% [8] - Blood center reported revenue declined 18% in the quarter, but organic revenue grew 4% [10] Market Data and Key Metrics Changes - U.S. plasma collections grew in the high single digits, while European collections continued to grow in double digits [9] - The company raised its full-year plasma revenue guidance to a decline of 4%-7% or 14%-17% organic growth excluding CSL [9] - Hospital revenue growth guidance was updated to 4%-7%, reflecting sustained growth in blood management technologies [8] Company Strategy and Development Direction - The company is focused on advancing its portfolio and transformation to sustain momentum beyond its long-range plan [4] - Strategic priorities include meeting debt obligations, returning excess cash to shareholders, and advancing targeted investments in growth products [20] - The company aims to strengthen execution in interventional technologies to accelerate growth and margin expansion beyond FY 2026 [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustained robust growth of the plasma therapeutics market, particularly immunoglobulins [9] - The company anticipates continued margin expansion in the second half of the fiscal year [16] - Management highlighted the importance of disciplined execution and a high-performance culture in driving long-term value creation [20] Other Important Information - The company raised its full-year revenue guidance from a reported decline of 3%-6% to a decline of 1%-4% [11] - Free cash flow guidance was raised to $170-$210 million, with a commitment to maintain a free cash flow to adjusted net income ratio in excess of 70% [18] - The company ended the quarter with $296 million in cash and total debt of $1.2 billion [18] Q&A Session Summary Question: What are the assumptions for collections growth in the second half? - Management indicated that the second quarter was driven by share gains, innovation pricing, and collections volume growth, with high single-digit growth in the U.S. and double-digit growth in Europe expected to continue [23][24] Question: Can you provide an update on IVT commercial efforts? - Management noted that hospital business was the largest contributor to margin expansion, with a focus on blood management technologies and actions to regain growth momentum in IVT [26][27] Question: How is the launch of the HN cartridge going in EMEA and Japan? - Management expects the launch to be a significant source of sustainable double-digit growth, although market dynamics differ from the U.S. [54][56] Question: What is the outlook for the Vascade business? - Management expressed confidence in regaining share in the competitive market, with ongoing initiatives to strengthen the sales force and improve market acceptance [40][45] Question: How will share repurchases impact EPS? - Management indicated that share repurchases contributed a few cents to EPS, and they aim to keep dilution in check while being opportunistic with capital deployment [39][71]

Investment Rating - The report maintains a "Buy" rating for New Oriental-S (09901.HK) [1] Core Insights - The company reported better-than-expected revenue growth in FY26Q1, with a year-on-year increase of 6.1%, surpassing previous guidance of 2%-5% [7] - The overseas business showed significant improvement, with a 25% revenue growth in the low-age study abroad segment, indicating a shift in demand rather than a decline [7] - K12 business is expected to accelerate, with anticipated growth rates of approximately 20% for K9 and double-digit growth for high school, validating the strategy of prioritizing product quality [7] - The company announced a shareholder return plan totaling approximately $490 million, which is over 130% of FY25 net profit, indicating strong profit visibility and cash flow [7] - Non-GAAP operating profit margin improved to 22.0%, with expectations for further expansion in Q2, driven by better resource utilization and cost control [7] Financial Projections - Total revenue is projected to grow from $4.9 billion in FY2025 to $6.3 billion in FY2028, with year-on-year growth rates of 13.6%, 9.96%, 10.00%, and 7.02% respectively [1][9] - Net profit attributable to shareholders is expected to increase from $371.72 million in FY2025 to $591.14 million in FY2028, with growth rates of 20.07%, 32.32%, 10.40%, and 8.87% respectively [1][9] - The current stock price corresponds to a PE ratio of 17, 15, and 14 times for FY2026, FY2027, and FY2028 respectively based on Non-GAAP metrics [1][9]

Financial Data and Key Metrics Changes - ITT delivered nearly $1 billion in total orders for the third consecutive quarter, up 3% year-over-year [6] - Revenue grew 13% in total and 6% organically, reaching $999 million [7] - Operating income grew nearly twice the organic sales growth rate, with operating margin expanding over 100 basis points excluding M&A [7] - Adjusted EPS increased by 21%, and free cash flow grew 46% to $368 million year-to-date, with an expected full-year free cash flow of $500 million [7][10] - Free cash flow margin in the quarter was over 15%, surpassing the high end of the 2030 target [7] Business Line Data and Key Metrics Changes - Industrial Process (IP) grew 11% organically, driven by projects which grew over 50% [8] - Connect and Control Technologies (CCT) delivered 25% total growth, with 6% organic growth, supported by defense momentum and aerospace demand [9] - Motion Technologies (MT) grew 4% organically, outperforming global auto production, particularly in China [9] - Profitability improved across segments, with IP margins expanding to nearly 22% and CCT margins growing 270 basis points excluding Casoria dilution [9][18] Market Data and Key Metrics Changes - Orders have grown 19% over the last three years, exceeding $3 billion, with strength in Defense, Aero, Rail, and Energy Transition markets [11] - Market share in China increased from 31% to above 34% [11] - CCT orders were up 27%, with a book-to-bill comfortably above 1 [12] - Svanehøj secured over $250 million in orders year-to-date, representing 59% growth versus the prior year [13] Company Strategy and Development Direction - The company is focused on organic growth and margin expansion, compounded with M&A activities [6] - Continued investment in innovations like Vidar and Geopad, with expectations for significant contributions from acquisitions [10][19] - The company aims for a book-to-bill above one for the full year, positioning for growth in 2026 [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational performance and the ability to exceed previous guidance for revenue and EPS [21] - The outlook for 2026 is cautiously optimistic, with expectations for low double-digit growth driven by a strong backlog and project wins [46][86] - Management noted that while auto production is expected to grow, challenges remain in Europe and North America due to competitive pressures [82] Other Important Information - The company is raising its full-year adjusted EPS outlook, with the low end of the revised guidance now above the previous high end [10] - Management highlighted the importance of maintaining rigorous processes for future M&A opportunities [61] Q&A Session Summary Question: Global auto production outlook - Management noted that global auto production was up 2% year-over-year, with China showing significant growth while Europe and North America are forecasted to decline slightly [35] Question: Industrial Process funnel and order conversion - The funnel for active projects is up 22% year-over-year, indicating strong potential for order conversion [36] Question: Breakdown of EPS guidance raise - The $0.20 EPS guidance raise is attributed to improved profitability, better acquisitions, and a lower tax rate [43] Question: Market dynamics and growth areas - Management highlighted strong growth in aerospace and defense, with expectations for continued growth in these sectors [46] Question: Short cycle orders in Industrial Process - Short cycle orders were up 5%, with strong activity in parts and valves, particularly in the medical sector [50] Question: M&A opportunities and funnel attractiveness - The M&A funnel is rich with opportunities, primarily focused on pumps and valves, with a rigorous process in place to ensure value creation [60] Question: Margin expectations for CCT - CCT margins are expected to benefit from aerospace recovery and pricing power, with a focus on operational efficiencies [97]