Core Insights - The company reported revenue, net profit attributable to shareholders, and adjusted net profit for H1 2025 at 2.186 billion, 403 million, and 416 million yuan respectively, showing year-on-year growth of 10.2%, 48.4%, and 49.5%, aligning with performance forecasts [1] - The improvement in performance for 2024 is attributed to cost and expense control, while H1 2025 shows accelerated revenue growth driven by improved enrollment, particularly in three-year programs which grew by 4.5% and one- to two-year programs which surged by 85% [1] - The company experienced a positive operating leverage effect with an adjusted net profit margin increase of 5 percentage points due to accelerated revenue growth [1] Business Performance - New Oriental's revenue and operating profit accounted for 45% and 60% respectively, with significant growth in the beauty industry and a turnaround from losses [1] - Revenue from various segments for H1 2025 includes: culinary arts (1.026 billion yuan, +11.2%), pastry and western cuisine (182 million yuan, +14.3%), IT and internet technology (367 million yuan, -3.0%), automotive services (493 million yuan, +9.7%), fashion and beauty (77 million yuan, +90.2%), and others (129 million yuan, +31.5%) [1] - Average training participants for different segments showed growth: culinary arts (62,000, +8.3%), pastry and western cuisine (5,500, +18.5%), IT and internet technology (37,000, -6.8%), automotive services (43,000, +6.3%), and fashion and beauty (6,000, +76.2%) [1] Enrollment and Employment - The total number of schools increased to 234, with a net addition of one school (+0.4%) [2] - New enrollment figures for various programs include: culinary arts (36,500, +5.2%), pastry and western cuisine (7,600, +0.7%), IT and internet technology (14,000, +6.4%), automotive services (21,500, +9.3%), and fashion and beauty (3,900, +34.1%) [2] - Employment rates improved across institutions, with New Oriental at 95.7%, Xinhua Computer at 94.0%, and others showing similar increases [2] Profitability and Cost Management - The company's gross margin for H1 2025 was 57.3%, an increase of 4.3 percentage points, driven by higher capacity utilization and reduced rental expenses [3] - The net profit margin attributable to shareholders rose to 18.4%, up 4.7 percentage points, with the increase primarily due to declines in sales, management, and financial expense ratios [3] - The company employed 10,365 people in H1 2025, a decrease of 2% year-on-year [3] Investment Outlook - Short-term expectations indicate strong autumn enrollment and continued performance exceeding forecasts due to cost control [3] - Mid-term projections suggest accelerated revenue growth based on the recovery of long-term enrollments, with culinary arts and automotive services maintaining rapid growth [3] - Long-term advantages include competitive employment outcomes and the ability to quickly adjust courses to market changes, with anticipated completion of regional center construction and technician college accreditation [3]

证券研究报告|港股公司点评报告 [Table_Title2] 中国东方教育(0667.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 0667 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 9.15/2.2 | | 目标价格： | | 总市值(亿港元) | 178.54 | | 最新收盘价： | 8.08 | 自由流通市值(亿港元) | 178.54 | | | | 自由流通股数(百万) | 2,209.69 | [Table_Summary] 事件概述 2025H1 公司收入/归母净利/经调归母净利分别为 21.86/4.03/4.16 亿元、同比增长 10.2%/48.4%/49.5%， 符合业绩预告。我们分析，公司 24 年业绩改善主要来自成本和费用控制，而 25H 则可喜的看到招生改善带来 的收入加速，特别是占比高的三年制招生增长 4.5%、增速快的 1-2 年制增长 85%，为未来 3 年收入增速提供了 保障；因此 25H 同时也体现出收入加速带来的正经营杠杆效应，即经调净利率提升 5P ...