高磊所在的甘肃顶乐兰州牛肉拉面职业培训学校成立于2012年，是国家专项职业能力的考核实训基地之 一，10余年来累计培养兰州牛肉拉面专业人才近万人。 今年7月，牛肉拉面制作师成为人力资源社会保障部发布的42个新工种之一。甘肃省职业技能鉴定指导 中心副主任赵小莉说，新工种的设立，为兰州牛肉拉面从业者提供了更为清晰的职业发展通道和技能提 升方向，有助于提升从业者的职业归属感和认同感，吸引更多技能人才投身这一行业。 新华社兰州9月6日电（记者梁军、多蕾、任延昕）在甘肃省兰州市的一家牛肉面培训学校里，不时传来 学员在案板上摔砸面团的响声。两位老师傅正向来自全国各地的20多位学生传授兰州牛肉面的制作技 艺。 "兰州牛肉面制作技艺是国家级非物质文化遗产代表性项目之一。我来兰州学习牛肉面，一方面是想传 承好牛肉面制作技艺，另一方面我也想让更多的人品尝到这份地道美味。"高磊说。 高磊来自天津市，正在甘肃顶乐兰州牛肉拉面职业培训学校学习牛肉面制作。一年前他第一次吃到正宗 兰州牛肉面时，就被其独特的美味所吸引，由此萌生了跨越千里、拜师学艺的想法。目前，为期1个月 的培训已进程过半，高磊跟着老师们从零学起，逐步学习和面、揉面、拉面、 ...

Core Viewpoint - The establishment of a vocational training school for Lanzhou beef noodles is contributing to the preservation of this national intangible cultural heritage and providing a pathway for skill development in the industry [1][2]. Group 1: Industry Development - Lanzhou beef noodle making has been recognized as a new occupation by the Ministry of Human Resources and Social Security, which provides clearer career development paths for practitioners [2]. - The vocational training school has trained nearly 10,000 professionals in Lanzhou beef noodles over the past decade, indicating a significant growth in skilled labor for this industry [1]. Group 2: Economic Impact - Graduates from the training program are successfully opening their own noodle shops, with some even expanding internationally to countries like the United States, France, and the United Kingdom [2]. - The income from operating a beef noodle shop is considered substantial in the local context, encouraging more individuals to enter the industry [2]. Group 3: Training Efficiency - The training program allows students to learn the complete set of skills required for beef noodle preparation in just one month, significantly reducing the time compared to traditional apprenticeship methods [2]. - The establishment of specialized training schools has attracted more individuals to learn the craft, addressing the demand for skilled noodle makers in the market [2].

Group 1 - The core viewpoint of the news is the launch of the "Skills Illuminate the Future" three-year action plan (2025-2027) by the Guangxi Human Resources and Social Security Department and the Finance Department, aimed at addressing structural employment issues and supporting the development of the modern industrial system in Guangxi [1] - The action plan will implement a four-in-one model of "job demand + skills training + skills evaluation + employment services" over the next three years, starting with a skills demand survey in 2025 and pilot training for 180,000 people in key areas such as artificial intelligence and advanced manufacturing [1][2] - By 2026, the plan will expand to new occupations and modern service industries, aiming to cultivate over 20 local training brands, and by 2027, it will cover key livelihood areas such as elderly care and rural employment [1][2] Group 2 - Key employment groups such as college graduates, rural laborers, and registered unemployed individuals will receive over 70% of the training quotas, benefiting from targeted employment skills training and entrepreneurship training [2] - The plan includes an annual investment of 40 million yuan for two years to support "order-based" talent cultivation in border and port industrial parks, with a 20% subsidy increase for emerging professions like artificial intelligence trainers [2][3] - A collaborative guarantee mechanism has been established, including employment subsidy funds and vocational training funds, with a segmented subsidy model of 600 yuan per person for qualification and an additional 200 yuan for stable employment after three months [3]

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]

Core Viewpoint - The company has shown significant revenue growth in the first half of 2025, with a notable increase in net profit, indicating a strong performance and recovery in the training sector [1][2]. Group 1: Financial Performance - In 2025 H1, the company achieved revenue of 2.186 billion yuan, a year-on-year increase of 10.2%, marking a new high since its listing, with a significant acceleration compared to 1.6% in 2024 H1 [1]. - The net profit for 2025 H1 reached 403 million yuan, up 48.4%, nearing the upper limit of previous forecasts, while adjusted net profit was 416 million yuan, reflecting a growth of 49.6% [1]. - The adjusted net profit margin improved to 19.0%, an increase of 5.0 percentage points, and the gross profit margin was 57.3%, up 4.3 percentage points [2]. Group 2: Enrollment and Training Performance - The company reported a total enrollment of 84,000 students in 2025 H1, representing a 7% increase, with the fashion beauty sector leading in growth [2]. - Average training attendance was 153,000 students, up 6%, with the fashion beauty and western pastry sectors showing the highest average attendance [2]. - The average tuition fee per student increased to 28,000 yuan, a year-on-year rise of 4.3%, with a further expansion in price increase compared to 2024 [2]. Group 3: Operational Efficiency and Cost Management - The company has effectively controlled costs, with reductions in research, sales, and management expense ratios, leading to a significant release of profits [2]. - The company has added one new advanced vocational school, bringing the total to 234 schools, with a focus on enhancing educational offerings [3]. - The company anticipates further improvements in gross profit margins due to ongoing student growth and cautious expansion of new campuses [2].

Group 1: Company Performance - China Oriental Education reported a revenue of 2.186 billion yuan for 1H25, representing a year-on-year growth of 10.2% [1] - Adjusted net profit for 1H25 was 416 million yuan, showing a significant year-on-year increase of 49.5% [1] - The adjusted net profit margin reached 19%, an increase of 4.99 percentage points compared to the previous year [1] Group 2: Industry Trends - The vocational skills training sector is experiencing a recovery, with new training participants reaching 83,500 in 1H25, a year-on-year increase of 7.1% [2] - All five major skill training segments (cooking, automotive repair, computer, pastry, and beauty) saw year-on-year growth in new training participants, with the beauty segment leading at 34.1% [2] - The number of high school graduates is expected to rise, driven by an increase of 2.6 million graduates from 2021 to 2024, which will boost the vocational skills training market [2] Group 3: Strategic Initiatives - The company is focusing on developing new programs to capture the growing demand for vocational training among high school graduates, launching a 15-month training program that saw a participant increase of approximately 85.4% [3] - The company emphasizes its strengths in core vocational training areas, maintaining a focus on long-term training programs for junior high school graduates, which also saw a year-on-year increase of 4.5% in new participants [3] - The company is implementing refined management practices to enhance operational efficiency, resulting in a gross margin of 57.3%, up 4.3 percentage points from the previous year [4] Group 4: Financial Outlook - The company has raised its adjusted net profit forecasts for 2025 to 792 million yuan, 976 million yuan for 2026, and 1.211 billion yuan for 2027, reflecting an upward revision from previous estimates [4] - The target price has been adjusted to 12.56 HKD, up from 11.06 HKD, while maintaining a buy rating for the company [4]

上 市 公 司 社会服务 2025 年 08 月 28 日 中国东方教育 (00667) ——紧抓高中培训市场景气提升，业绩持续向好可期 报告原因：强调原有的投资评级 买入（维持） | 市场数据： | 2025 年 08 月 27 日 | | --- | --- | | 收盘价（港币） | 8.08 | | 恒生中国企业指数 | 9020.26 | | 52 周最高/最低（港币） | 9.15/2.20 | | H 股市值（亿港币） | 178.54 | | 流通 H 股（百万股） | 2,209.69 | | 汇率（人民币/港币） | 1.0953 | 一年内股价与基准指数对比走势： -5% 195% 395% HSCEI 中国东方教育 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 (8621)23297818× huangzhe@swsresearch.com 投资要点： 中国东方教育发布 2025 半年报，公司 1H25 收入 21.86 亿元，同比增长 10.2%。经调整归母净利润 4.16 亿元 ...

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 ...

Core Points - The establishment of the Qingdao Licang District Public Training Base marks the first public training base in Qingdao and the first nationwide project supported by central budget funds for renovation and expansion [1] - The project was initiated on January 26, 2024, and successfully included in the National Development and Reform Commission's education initiative for public training base construction [1] - The total construction area of the base is 1,290 square meters, transforming an idle courtyard built in 1973, with completion and acceptance in June and trial operation starting in July [1] Summary by Categories Project Overview - The public training base integrates vocational education, skills training, and employment entrepreneurship into a comprehensive platform [1] - It features a "1+N" training platform system, where "1" represents the headquarters responsible for core teaching and management, and "N" includes various training venues across over 50 communities and enterprises in the district [1] Training System - The base has developed a "3+3 Craft Empowerment" training system, which includes three core training areas: baking, online live streaming and digital intelligence training, and life service training [1] - The three core centers consist of a skills training center, a skills competition center, and a technology exchange center [1] Events - On the same day, a vocational skills competition for Chinese pastry chefs was launched in Licang District [2]

补贴性职业技能培训（以下简称补贴培训）是指培训主体自主或委托具备条件的承训机构，围绕国 家职业技能标准、行业企业评价规范、专项职业能力考核规范、岗位技能、农业农村实用技术、非遗技 艺、通用职业素质等内容开展，并通过财政资金给予补贴的职业技能培训。享受补贴培训人员应为四川 省内有培训意愿和就业创业能力的城乡劳动者，年满16周岁，主要包括企业职工和就业重点群体等。 近日，人力资源社会保障厅、财政厅联合印发《四川省补贴性职业技能培训管理办法》，进一步提 高培训补贴资金使用绩效。 办法明确要求各地不得对培训对象的户籍地、常住地、参保地、就业地增设其他限制性条件。参加 机关事业单位养老保险人员不得参加人力资源社会保障部门补贴培训。 人力资源社会保障厅相关负责人介绍，补贴培训内容围绕行业与民生领域急需紧缺技术技能人才、 企业用工需求、劳动者就业创业需求设置，包括岗位技能培训、就业技能培训、创业培训等。培训对象 按要求参训后，给予职业培训补贴。今年5月1日起新备案的培训项目，每人累计最多享受3次职业培训 补贴（技能培训、创业培训可分别享受3次），技能培训同一职业（工种）、相同等级不重复享受。培 训对象个人缴费或由承训机构代 ...