Investment Rating - The report assigns a rating of "Buy" for the company [5]. Core Insights - The company's training business continues to show strong resilience, with a clear growth recovery under low valuation. The expansion of high school enrollment solidifies industry demand, while vocational education, industrial investment, and AI applications are gradually driving a second growth curve, indicating ongoing revaluation potential [2][15]. Financial Summary - Total revenue is projected to grow from 2,213 million in 2023 to 4,607 million in 2027, with a compound annual growth rate (CAGR) of approximately 23.1% to 18.3% [4]. - Net profit attributable to the parent company is expected to increase significantly from 154 million in 2023 to 391 million in 2027, reflecting a growth rate of 1,035.2% in 2024 [4]. - Earnings per share (EPS) is forecasted to rise from 1.26 in 2023 to 3.21 in 2027 [4]. Investment Recommendations - The report predicts EPS for 2025-2027 to be 1.99, 2.54, and 3.21 respectively. Based on a comparison with peers like New Oriental and Huatu Shanding, which have an average valuation of 24x PE for 2026, the company is given a target price of 50.80, maintaining a "Buy" rating [15][17]. Business Performance - The company's core education and training business has shown stable growth, with revenue and profit maintaining a rapid growth trajectory. For 2024, the company achieved a revenue of 27.86 billion, a year-on-year increase of 25.9%, and a net profit of 1.80 billion, up 16.8% [17]. - Contract liabilities have shown a positive trend, indicating a high demand for personalized education, with a continuous increase in contract liabilities from 6.6 billion in 2021 to 12.0 billion in 2025Q3 [19][21]. Industry Dynamics - The expansion of high school enrollment policies is expected to provide a stable demand foundation for the education and training sector. The gross enrollment rate for high school is projected to reach 92.0% by 2025, with ongoing improvements in educational resources [28][34]. - The vocational education segment is accelerating, with the company actively acquiring and managing vocational schools, thereby enhancing its strategic positioning in this area [35][37]. AI Integration - The company is advancing its AI capabilities, having developed a proprietary AI model that has received regulatory approval, which is expected to enhance its educational services and operational efficiency [40].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% within the next six months [6]. Core Views - The company achieved a revenue of 4.616 billion CNY in 2025, representing a year-on-year growth of 12.1%, with a net profit of 756 million CNY, up 47.5%. The adjusted net profit reached 792 million CNY, reflecting a 50.9% increase [1]. - The company plans to distribute a dividend of 0.30 HKD per share, totaling 665 million HKD, with a payout ratio of 77%, exceeding its commitment of at least 60% [1]. - The report highlights that the company is experiencing a continuous optimization in enrollment, with a significant acceleration in revenue growth expected in the second half of 2025, driven by the beauty industry and 15-month programs [2]. Financial Performance - The gross profit margin for 2025 is reported at 55.3%, an increase of 4 percentage points, with effective cost savings in leasing, campus maintenance, and depreciation [3]. - The company’s operating leverage is being released, with a notable improvement in profitability across various segments, including culinary technology and the beauty industry, which saw significant increases in operating profit margins [3]. - The financial summary indicates projected revenues of 5.137 billion CNY for 2026, with net profits expected to reach 941 million CNY, marking a 24.5% increase [5]. Growth Drivers - The report emphasizes the growth potential from the beauty industry and the introduction of new training programs, particularly in pet care and caregiving, which are expected to create new growth curves [3]. - The company’s enrollment and profitability are improving in tandem, with a notable increase in the proportion of new students in long-term courses, particularly the 1-2 year programs, which saw a growth rate of 66% [2].

Group 1 - The core focus of the article is on enhancing vocational education and training to better serve disadvantaged groups, particularly individuals with disabilities, to improve their employment opportunities and skills [1][2]. - The article highlights the importance of personalized vocational skills training as a key solution to bridge the gap between universal training and individual needs, emphasizing the need for practical skills that can lead to successful careers [1]. - The article discusses the need for a collaborative approach among various departments such as the Disabled Persons' Federation, Human Resources, Education, and Civil Affairs to address the employment challenges faced by disabled individuals [2]. Group 2 - The article emphasizes the significance of continuous efforts and teamwork in developing proposals that address the employment issues of disabled individuals, indicating that solutions require a collective approach rather than isolated efforts [2]. - It reflects the commitment of the committee member to not only propose ideas but also engage in grassroots practices to ensure that proposals translate into real-world outcomes, showcasing the value of active participation in policy implementation [3].

Core Viewpoint - Vocational education is a crucial support for building a strong manufacturing nation, with a focus on enhancing the quality and relevance of training to meet industry needs [1][18]. Group 1: Industry Insights - The demand for skilled talent in the manufacturing sector is evolving, with a shift towards requiring comprehensive skills and higher quality in vocational training [7]. - Companies like Chongqing Pacific Precision Technology Co., Ltd. are seeking not just operators but also on-site maintenance engineers, indicating a need for advanced skill sets among blue-collar workers [3]. Group 2: Educational Integration - There is a strong emphasis on the integration of vocational education with industry, advocating for deep collaboration between vocational schools and enterprises to ensure that graduates are job-ready [5][9]. - The newly revised Vocational Education Law in China legally establishes a modern vocational education system that promotes the integration of vocational and general education [9]. Group 3: Local Initiatives - The vocational education base in Yongchuan District plans to implement vocational planning courses in over 70% of local primary and secondary schools, aiming to guide students in their career paths [11]. - The vocational education system in Yongchuan is adopting a credit system that allows for recognition of academic achievements, which can positively impact future employment and educational opportunities [15]. Group 4: Personal Development and Community Engagement - There is a call for a shift in educational perspectives, recognizing that not all students excel academically, but many possess strong practical skills that should be nurtured [13]. - The collective effort of schools, enterprises, and government is essential to enhance the quality of vocational education and cultivate innovative and versatile skilled talents to meet societal demands [17][18].

Group 1 - Vocational education is a crucial support for building a strong manufacturing nation, with a focus on integrating education with industry needs [1][6] - The new revision of the Vocational Education Law emphasizes the integration of vocational education with general education, promoting a modern vocational education system [6][13] - There is a growing demand for skilled talent with comprehensive qualities, shifting the focus from merely having vocational institutions to ensuring their quality and effectiveness [7] Group 2 - The Western Vocational Education Base in Yongchuan District plans to introduce vocational planning courses in over 70% of local primary and secondary schools, involving skilled craftsmen in career guidance [9] - The integration of vocational and general education includes mutual recognition of qualifications, with a credit system in place that benefits students' future development [13] - The goal is to collaboratively enhance vocational education standards to cultivate innovative and versatile skilled talents that meet societal needs [15]

Core Viewpoint - The song "Come to Beian, Learn Skills" has significantly increased enrollment inquiries at the Beijing Adult Massage Vocational Training School, highlighting a renewed societal recognition of the value of vocational education and skills [1][3]. Group 1: Impact of the Song - The song has led to a more than 100% increase in course inquiries compared to the same period last year, particularly in traditional programs such as health massage, rehabilitation therapy, and acupuncture [3][5]. - The lyrics resonate with ordinary workers, emphasizing that learning a skill to support oneself and serve society is equally respectable as pursuing higher education [3][6]. Group 2: School Background and Achievements - Established in 1998, the Beijing Adult Massage Vocational Training School is one of the first third-party evaluation institutions for vocational skill levels in China, having developed national skill standards and training materials [5][6]. - The school offers over ten specialized programs and has trained more than 300,000 individuals over nearly 30 years, with students spread across various countries and regions [5][6]. Group 3: Changing Perceptions of Skills - The founder of the school emphasizes that skills are not just for earning a living but also provide dignity, confidence, and happiness, reflecting a broader societal shift in the perception of vocational skills [6]. - The integration of service spirit, interpersonal communication, and professional quality into the concept of "skills" is becoming increasingly important in the context of automation and artificial intelligence [6].

Core Viewpoint - The stock price of Jiean High-Tech (300845) experienced a notable increase of 2.49% on February 9, 2026, with a trading volume of 68.17 million yuan and a net inflow of 2.74 million yuan from main funds, driven by its involvement in sectors such as vocational education, digital twin technology, artificial intelligence, virtual reality, and military industry [1] Stock Performance - Over the past week (February 6 to 12, 2026), Jiean High-Tech's stock price rose from 12.07 yuan to 12.44 yuan, marking a cumulative increase of 3.32% with a volatility of 6.56%. The stock showed a strong performance on February 9 with a turnover rate of 3.85%, but remained flat on the latest trading day (February 12) with a net outflow of 6.05 million yuan and a turnover rate of 2.85%. During the same period, the computer equipment sector increased by 1.50%, and the Shanghai Composite Index rose by 1.41% [2] Financial Report Analysis - According to the Q3 2025 financial report, the company reported a revenue of 157 million yuan, reflecting a year-on-year growth of 1.97%. However, the net profit attributable to the parent company was 3.45 million yuan, showing a significant decline of 61.19% year-on-year. The gross profit margin stood at 46.96%, down by 3.52 percentage points compared to the previous year. The accounts receivable accounted for a high proportion of net profit at 326.64%, indicating a need to monitor collection risks [3] Institutional Perspectives - Institutional sentiment towards Jiean High-Tech is generally neutral, with profit forecasts indicating a projected net profit growth of 1.20% for 2025 and an anticipated increase of 18.69% for 2026. The fund holding ratio is relatively low at 0.05%, and the frequency of research is average, leading to an overall neutral rating [4]

Core Viewpoint - The Ministry of Education has released an opinion on deepening the reform of key elements in vocational education, emphasizing the dynamic adjustment of professional settings to better align with the demand for high-skilled talent [1] Group 1: Professional Adjustment - The opinion calls for the active addition, removal, and upgrading of existing programs to focus on high-skilled talent cultivation [1] - A strict implementation of a "red-yellow card" warning system is mandated to monitor and manage professional settings [1] - The use of big data and artificial intelligence is encouraged to accurately predict talent supply and demand in key areas, providing a scientific basis for dynamic adjustments [1] Group 2: New Program Development - The establishment of a rapid response channel for adding new programs is proposed, targeting emerging and future industries [1] - Key areas for new program development include low-altitude economy, artificial intelligence, high-end equipment, urban renewal, and critical areas for public welfare [1] - The opinion emphasizes the need to eliminate programs with weak conditions, low standards, and poor employment rates to avoid a "large but scattered" or "weak but comprehensive" professional layout [1] Group 3: Existing Program Upgrade - Existing programs are to be upgraded and transformed in line with the trends of intelligence, greening, and integration [1] - Continuous iteration and updating of professional talent training programs are to be promoted [1] - Local regions are encouraged to set up region-specific programs tailored to their unique characteristics [1] Group 4: Collaboration with Industry - The opinion supports collaboration between schools and enterprises to develop and apply national professional teaching standards [1] - Distinctive programs may be named in parentheses to reflect the school, enterprise, or regional identity [1]

Group 1: Company Overview - China Oriental Education (00667) has a strong recovery in mature professional enrollment and profitability, with emerging programs steadily being developed to create new growth momentum [1] - The company is a leading vocational education group in China, with well-known brands such as New Oriental Cooking, Xinhua Computer, and Wantong Automotive Repair, covering four mature fields: culinary arts, western cuisine, information technology, and automotive services [1] Group 2: Financial Projections - The company is expected to achieve a net profit attributable to shareholders of 790 million, 1.1 billion, and 1.38 billion yuan for the years 2025-2027, reflecting growth rates of 53%, 39%, and 26% respectively [1] - The reasonable valuation for the company is estimated to be between 6.89 and 7.95 HKD per share, maintaining an "outperform" rating [1] Group 3: Industry Trends - The vocational education industry in China is in a golden expansion phase, with a projected compound annual growth rate of 17% from 2025 to 2029, potentially exceeding 2 trillion yuan by 2029 [2] - The adjustment in the secondary vocational education sector has seen a decline in high school enrollment from 51% to 34% from 2010 to 2024, but there is a potential for a new balance as skilled talent demand remains strong [2] Group 4: Mature Programs - The company's proactive adjustments since 2024, including shutting down inefficient campuses and enhancing course structures, have led to a net profit margin of 19.0% in the first half of 2025, an increase of 5.0 percentage points [3] - The recovery in mature program enrollment has resulted in a 7% year-on-year increase in new training participants, with expectations of maintaining a 7-8% growth rate in new enrollments for 2026-2027 [3] Group 5: Emerging Programs - The beauty industry is projected to reach a market size of 380 billion yuan by 2025, with characteristics similar to the culinary sector, indicating potential for replicating past successes [4] - The company’s beauty brand achieved an average of 6,000 training participants in the first half of 2025, surpassing the total for 2024, with expectations for beauty revenue to reach 700 million yuan by 2027 [4] - The pet and wellness sectors are also identified as high-potential areas for long-term growth, with pilot programs already underway in the pet education field [4]

Group 1 - The core viewpoint of the report is that China Oriental Education (00667) is experiencing a strong recovery in its mature professional enrollment and profitability, while steadily expanding into emerging fields, which is expected to create new growth momentum [1] - The company is a leading vocational education group in China, with a diverse portfolio including well-known brands such as New Oriental Cooking, Xinhua Computer, and Wantong Automotive Repair, and has been operating in the vocational education sector for nearly 40 years [1] - The company is projected to achieve net profits of 790 million, 1.1 billion, and 1.38 billion yuan for the years 2025-2027, reflecting growth rates of 53%, 39%, and 26% respectively [1] Group 2 - The vocational education industry in China is in a golden expansion phase, with a projected compound annual growth rate of 17% from 2025 to 2029, potentially exceeding 2 trillion yuan by 2029 [2] - The company has actively adjusted its operations since 2024, including shutting down inefficient campuses and upgrading course structures, which has led to an increase in net profit margin to 19% in the first half of 2025, with expectations of approaching 24% [3] - Emerging fields such as beauty, pet care, and health management are expected to become new growth drivers, with the beauty market projected to reach 380 billion yuan by 2025 [4]