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 ...

规模保持扩张，第三方外拓亮眼 受益于新项目定价标准的提升，公司2025年上半年住宅项目的单价较去年同期有所提升，物业管理服务 毛利率为16.6%，同比下降0.2pct。截至2025年上半年末，公司来自控股股东保利发展（600048）的在 管面积为3.6亿平米，同比增长3.1%。公司能从控股股东获得持续的支持。同时公司坚持外拓，开拓第 三方项目，截止2025年上半年，公司在管面积6.4亿平米，占比63.8%，同比增长5.9%。新拓展第三方项 目的单年合同金额约14.1亿元，同比增长17.2%。新拓展第三方项目单年合同金额中位于核心50城占比 高达84.6%，同比提升5.1pct。外拓能力是物业管理服务持续扩大规模的保证。 基本面扎实，经营效率提升 中泰证券（600918）发布研报称，保利物业(06049)2025年上半年收入业绩维持增长，从业务结构的拆 分中可以看出公司核心物业管理业务增长稳定，增值业务的收入下行与地产行业整体往下的趋势及业务 结构的调整有关。该行预计公司2025-2027年EPS为2.88、3.09和3.33元/股，对应PE为11.0、10.3和9.6 倍，维持"买入"评级。 中泰证券主要观点 ...

智通财经APP获悉，中泰证券发布研报称，保利物业(06049)2025年上半年收入业绩维持增长，从业务结 构的拆分中可以看出公司核心物业管理业务增长稳定，增值业务的收入下行与地产行业整体往下的趋势 及业务结构的调整有关。该行预计公司2025-2027年EPS为2.88、3.09和3.33元/股，对应PE为11.0、10.3 和9.6倍，维持"买入"评级。 受益于新项目定价标准的提升，公司2025年上半年住宅项目的单价较去年同期有所提升，物业管理服务 毛利率为16.6%，同比下降0.2pct。截至2025年上半年末，公司来自控股股东保利发展的在管面积为3.6 亿平米，同比增长3.1%。公司能从控股股东获得持续的支持。同时公司坚持外拓，开拓第三方项目， 截止2025年上半年，公司在管面积6.4亿平米，占比63.8%，同比增长5.9%。新拓展第三方项目的单年合 同金额约14.1亿元，同比增长17.2%。新拓展第三方项目单年合同金额中位于核心50城占比高达84.6%， 同比提升5.1pct。外拓能力是物业管理服务持续扩大规模的保证。 基本面扎实，经营效率提升 截至2025年上半年，公司现金及现金等价物96.5亿元，较 ...

证券日报网讯12月3日，红太阳（000525）在互动平台回答投资者提问时表示，未来公司将继续以提高 经营质量为基础，持续提升经营效率和盈利能力。 ...

Core Viewpoint - The company aims to enhance its operational efficiency and profitability through various strategic measures, while also noting its current position relative to competitors in the ferry industry [1] Group 1: Company Comparison - COSCO Shipping Ferry operates 12 vessels, while Bohai Ferry operates 14 vessels, indicating a slight advantage in fleet size for Bohai Ferry [1] - The average age of vessels in COSCO Shipping Ferry is higher than that of Bohai Ferry, suggesting potential inefficiencies in operations [1] Group 2: Strategic Initiatives - The company plans to improve its profitability by updating and renovating its fleet, engaging in joint marketing efforts, enhancing vessel utilization, improving management efficiency, and controlling costs [1] - A collaborative mechanism termed "South-North linkage + resource complementarity" will be established to maximize synergistic benefits [1]

Investment Rating - The report maintains an "Outperform" rating for Wanchen Group with a target price of RMB 219.16, while the current price is RMB 177.34 [2][5]. Core Insights - Wanchen Group reported strong earnings for Q3 2025, achieving revenue of RMB 13.98 billion, a year-on-year increase of 44.2%, and a net profit of RMB 383 million, up 361.2% year-on-year, resulting in a net profit margin of 2.7% [3][11]. - For the first three quarters of 2025, the company’s revenue reached RMB 36.56 billion, a 77.4% increase year-on-year, with net profit attributable to the parent company at RMB 855 million, approximately nine times higher than the previous year, corresponding to a net profit margin of 2.3% [3][11]. - The bulk snack business continues to show high revenue growth, with Q3 revenues of RMB 13.813 billion, a 45% year-on-year increase, driven primarily by an increase in store count [12][3]. - The gross margin for Q3 2025 was 12.1%, reflecting a year-on-year increase of 1.8 percentage points and a quarter-on-quarter increase of 0.4 percentage points, attributed to economies of scale from increased store numbers and business expansion [13][4]. - Operational efficiency has improved, with the selling and administrative expense ratio decreasing to 5.5%, down 1.5 percentage points year-on-year and 0.4 percentage points quarter-on-quarter [14][4]. - The net profit margin for the bulk snack business has shown a steady increase, reaching 5.33% in Q3 2025, up 2.6 percentage points year-on-year [15][4]. Financial Projections - The report projects net profits for Wanchen Group to be RMB 1.206 billion, RMB 1.796 billion, and RMB 2.206 billion for 2025, 2026, and 2027 respectively, with corresponding net profit margins of 2.43%, 3.12%, and 3.42% [5][16]. - The expected diluted EPS for the same years are RMB 6.54, RMB 9.51, and RMB 11.68 [5][16].

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 266.91 [5]. Core Insights - The company reported a significant increase in revenue and net profit for Q3, achieving revenue of RMB 13.98 billion (up 44.15% year-on-year) and a net profit of RMB 383 million (up 361.22% year-on-year) [1][2]. - The net profit margin for the company's retail business reached a new high, with Q3 margins at 5.03%, reflecting continuous improvement in operational efficiency [1][3]. - The company has adjusted its profit forecasts upward due to sustained operational efficiency improvements and plans for further expansion, including a potential Hong Kong listing [4]. Revenue Breakdown - In Q3, the snack retail business generated revenue of RMB 13.8 billion, a year-on-year increase of 44.58%, driven by the summer peak season and an acceleration in store openings [2]. - The edible fungi business contributed RMB 167 million in revenue, up 15.9% year-on-year, primarily due to price recovery in products like enoki mushrooms [2]. Profitability Analysis - The estimated net profit for the retail business, after adding back stock incentive expenses, was RMB 736 million, with a corresponding net profit margin of 5.33%, marking a 0.66 percentage point increase from Q2 [3]. - The company achieved a gross margin of 12.14% in Q3, up 1.83 percentage points year-on-year, with a decrease in the expense ratio to 5.52% [3]. Earnings Forecast and Valuation - The company has revised its earnings forecasts for 2025-2027, projecting net profits of RMB 1.23 billion, RMB 1.66 billion, and RMB 2.24 billion, respectively, which represents increases of 37%, 35%, and 45% compared to previous estimates [4][11]. - The target price has been adjusted to RMB 266.91, reflecting a price-to-earnings ratio of 41x for 2025, based on the company's strong competitive position and operational efficiency [4].

Core Viewpoint - Alibaba Health (00241) has signed a 30-month lease agreement for a property in Hangzhou, enhancing its supply chain capabilities and operational efficiency [1] Group 1: Lease Agreement Details - The lease agreement is between Alibaba Health's indirect wholly-owned subsidiary, Alibaba Health Pharmaceutical Chain, and Hangzhou Chuanfu [1] - The leased property covers an area of approximately 87,000 square meters [1] - The lease term starts from August 28, 2025 [1] Group 2: Property Significance - The property is located in the Alibaba Health Logistics Park in Tangqiao Town, Linping District, Hangzhou, a key city for the company's operations in East China [1] - It will serve as a major warehouse facility for storing pharmaceuticals, medical devices, and various health-related products [1] - The establishment of this facility is expected to significantly improve the company's supply chain capabilities and operational efficiency [1]