Investment Rating - The report assigns a "Buy" rating to TAL Education (TAL US) with a target price of $13.30, indicating a potential upside of 21.6% from the current closing price of $10.94 [1][13]. Core Insights - The K12 education training business is showing robust performance, driven by strong demand for quality education services and sales of learning devices [2][6]. - The financial outlook is positive, with projected revenue growth of 46.2% in 2024, 51.0% in 2025, and a steady decline to 13.2% by 2028 [3][14]. - The company is expected to maintain a strong growth trajectory in its learning services, with an estimated growth rate exceeding 30% [6][7]. Financial Overview - Revenue projections for TAL Education are as follows: $1,490 million in 2024, $2,250 million in 2025, $2,881 million in 2026, $3,422 million in 2027, and $3,873 million in 2028, reflecting a consistent upward trend [3][14]. - Net profit is expected to rise from $85 million in 2025 to $512 million by 2028, with significant growth rates in the initial years [3][14]. - The report highlights a Non-GAAP net profit of $150 million in 2025, increasing to $296 million in 2026, and $436 million in 2027 [3][14]. Performance Metrics - The report indicates a projected operating profit margin of over 7% for the fiscal year 2026, doubling from the previous year [6][7]. - The company’s earnings per share (EPS) are forecasted to grow from $0.14 in 2025 to $0.83 by 2028, demonstrating strong profitability potential [3][14]. - The price-to-earnings (P/E) ratio is expected to decrease from 78.2 in 2024 to 13.1 by 2028, indicating improving valuation as earnings grow [3][14]. Market Position - TAL Education is positioned favorably within the K12 education sector, with a strong market share in learning devices, achieving nearly 28% market share in sales [6][7]. - The company is expanding its product offerings, including AI learning devices aimed at enhancing educational experiences [6][7].

Group 1 - The core viewpoint of the article highlights New Oriental's financial performance in Q4 FY25, with total revenue of $1.243 billion, representing a year-on-year growth of 9.4% [1] - The education business, including cultural tourism, generated $1.083 billion in revenue, showing a year-on-year increase of 18.7% [1] - The company's Non-GAAP net profit attributed to the parent company was $98 million, up 59.4% year-on-year, with a Non-GAAP net profit margin of 7.9%, expanding by 2.5 percentage points year-on-year [1] Group 2 - The study abroad business is experiencing a slowdown, with revenue from overseas exam training and consulting reaching $315 million, a year-on-year growth of 11%, which is a deceleration of 6.5 percentage points compared to the same period last year [1] - The company is adjusting its one-on-one training model to a one-to-many format to lower class prices and is expanding its services to include youth overseas exam training to enhance growth resilience [1] Group 3 - New business segments, including K9 competency training and learning machine services, saw a revenue increase of 32.5% to $307 million, driven by sustained high growth in non-subject competency services [2] - The company plans to expand its educational network to 1,318 locations, a year-on-year increase of 28.6%, indicating continued high growth [2] - The Non-GAAP operating profit margin for the education business is expected to expand by approximately 4.1 percentage points to 6.5% in Q4, reversing the declining trend from Q3 [2] Group 4 - Due to the slowdown in education business growth, the company expects Q1 FY26 revenue to grow only 2-5% year-on-year, with an annual growth forecast of 5-10% [3] - The company has revised its revenue forecasts for FY26 and FY27 to $5.28 billion and $5.79 billion, respectively, down from previous estimates [3] - The DCF target price has been lowered to $53.4, corresponding to a PE ratio of 15.6x for FY26 and a PEG ratio of 1.64x [3]

目前，在互联网平台上搜索"卓跃儿童运动馆"，有不少学生家长选择发视频维权。在郑州家长们的维权视频的评论区里，也有来自北京通州、河南洛阳、 山西太原等地的家长表示当地的卓跃儿童运动馆也出现了类似情况。 近日，关于全国连锁的卓跃儿童运动馆深陷"爆雷"危机、多地门店老板跑路的消息引发行业震动。 门店集体关闭的背后，品牌运营方——郑州贝体体育公司已人去楼空。 大门紧锁，未退费金额超700万元 半月前曾称"一切正常" 7月12日，河南新郑卓跃儿童运动馆龙湖锦艺城店率先被媒体爆出突然闭店，家长开始维权。7月14日，品牌运营主体"郑州贝体体育科技有限公司"在公众 号发声明否认"跑路"，称闭店是"盟商投资人自主决定"，全国400余家门店"均保持正常教学"。 卓跃儿童运动馆官方声明 尊敬的卓跃会员家长: 卓跃儿童运动馆衷心感谢您长期以来的信任与支持。 近期郑州个别门店因盟商投资人的闭店决定,给相关会员家长带来了困扰和担忧, 对此,卓跃儿童运动馆高度关注并深表歉意。 事件发生后,卓跃儿童运动馆第一时间沟通投资人了解情况,并快速成立专项工作 小组，全力解决闭店后续问题： 【会员复课保障小组】积极协调资源,全力组织安排受影响会员在卓 ...

大象新闻视频截图 目前，在互联网平台上搜索"卓跃儿童运动馆"，有不少学生家长选择发视频维权。在郑州家长 们的维权视频的评论区里，也有来自北京通州、河南洛阳、山西太原等地的家长表示当地的卓 跃儿童运动馆也出现了类似情况。 门店集体关闭的背后，品牌运营方——郑州贝体体育公司已人去楼空。 4:40 @s Villan (1/27) 2 近日，关于全国连锁的卓跃儿童运动馆深陷"爆雷"危机、多地门店老板跑路的消息引发行业震 动。 N * * * * * * * √ 股权流结 © 企音查 ··· 共 1 条股权冻结 (2025) 粤0113财保2563号 被执行人:李晓冬 冻结股权标的企业:郑州贝体体育科技有限公司 股权数额:34.64352万元人民币 执行法院:广东省广州市番禺区人民法院 类型:股权冻结 状态: 冻结 冻结起止日期:2025-06-12 至 2027-06-11 公示日期:2025-06-12 卓跃老板已被冻结股权。 大门紧锁,未退费金额超700万元 半月前曾称"一切正常" 7月12日，河南新郑卓跃儿童运动馆龙湖锦艺城店率先被媒体爆出突然闭店，家长开始维权。7 月14日，品牌运营主体"郑州贝体体育科技有 ...

Investment Rating - The report downgrades the investment rating of the company to "Accumulate" [1] Core Views - The company's FY25Q4 net revenue reached USD 1.243 billion, a year-on-year increase of 9.4%, while the net profit attributable to shareholders was USD 7.1 million, a decrease of 73.7% [3][4] - The core education business showed steady growth, but the overseas and cultural tourism businesses negatively impacted profits [4][6] - The company expects FY26Q1 net revenue to be between USD 1.464 billion and USD 1.507 billion, representing a year-on-year growth of 2%-5%, indicating a significant slowdown compared to previous guidance [5][7] Summary by Sections Revenue Performance - FY25Q4 net revenue (excluding self-operated products and live e-commerce) was USD 1.0885 billion, up 18.7% year-on-year, exceeding previous guidance [4] - The overseas examination preparation business revenue grew by 14.6%, and the overseas consulting business revenue increased by 8.2% [4] - Domestic examination preparation for adults and university students saw a revenue increase of 17.0% [4] Profitability - FY25Q4 operating profit margin was -0.7%, down from 0.9% in the same period last year, primarily due to a one-time goodwill impairment of USD 60.3 million in the kindergarten business [6] - Non-GAAP operating profit margin for FY25Q4 was 6.6%, an increase of 3.3 percentage points year-on-year [6] Financial Forecasts - The company has revised down its net profit forecasts for FY26 and FY27 to USD 481 million and USD 559 million, respectively, reflecting a 10% and 18% reduction [7][8] - The projected EPS for FY26, FY27, and FY28 are USD 0.29, USD 0.34, and USD 0.38, respectively, with corresponding P/E ratios of 15x, 13x, and 12x [7][8]

Core Viewpoint - New Oriental Education Technology (Group) Co., Ltd. reported a 9.4% year-over-year increase in revenue for the fourth quarter of fiscal year 2025, reaching $1.243 billion, while net revenue excluding certain business segments rose by 18.7% [1][3] Financial Performance - For the fourth quarter of fiscal year 2025, New Oriental's net revenue was $1.243 billion, up from $1.137 billion in the same quarter last year, marking a 9.4% increase [1][2] - The company reported an operating loss of $8.674 million for the quarter, compared to an operating profit of $1.050 million in the previous year [2] - Net profit attributable to New Oriental shareholders was $7.1 million, a decrease of 73.7% year-over-year [3] Business Segments - Revenue from overseas exam preparation and consulting services grew by approximately 14.6% and 8.2% respectively [3] - Domestic exam preparation services for adults and college students recorded a year-over-year growth of about 17.0% [3] - New educational businesses maintained strong growth, with a revenue increase of 32.5% [3] Shareholder Returns - The board approved an extension of the share repurchase program, increasing the total authorized repurchase value from $400 million to $700 million [3][4] - As of May 31, 2025, the company repurchased approximately 14.5 million American Depositary Shares (ADS) for a total value of about $700 million [4] Deferred Revenue and Cash Position - As of May 31, 2025, New Oriental's deferred revenue balance was $1.955 billion, an increase of 9.8% from $1.78 billion a year earlier [5] - The company reported cash and cash equivalents of $1.612 billion, with additional short-term investments totaling $1.874 billion [5] Future Guidance - For the first quarter of fiscal year 2026, the company expects net revenue to be between $1.464 billion and $1.507 billion, representing a year-over-year growth rate of 2% to 5% [6] - For the full fiscal year 2026, net revenue is projected to be between $5.145 billion and $5.39 billion, indicating a growth rate of 5% to 10% [7] Market Position - As of the latest closing, New Oriental's stock price was HKD 36.5, with a market capitalization of HKD 59.688 billion [8]

Core Viewpoint - The dialogue reveals the multifaceted identity of Zhang Xuefeng, highlighting his roles in education, business, and public affairs, while emphasizing his genuine approach to helping parents and students navigate the complexities of college admissions [1][2]. Group 1: Government and Education Insights - Zhang emphasizes the importance of local government work reports for parents when making decisions about their children's education and career paths, suggesting that these reports provide critical insights into local industry and employment opportunities [5][7]. - The company actively engages in charitable activities, donating approximately 5 million yuan annually to support education in various regions, reflecting its commitment to social responsibility [10][11]. Group 2: Company Management and Strategy - Zhang's management style is characterized by a hands-off approach, allowing his team to handle day-to-day operations while he focuses on strategic decisions and new business initiatives [19][20]. - The company prioritizes quality in its educational materials, with Zhang personally reviewing all teaching resources to ensure they meet high standards before being offered to students [19][21]. Group 3: Business Philosophy and Employee Relations - Zhang believes that successful entrepreneurship is about creating a fair profit-sharing mechanism rather than merely focusing on revenue generation [31]. - The company does not set specific KPIs for employees, instead fostering a culture where employee satisfaction and personal growth are prioritized [32][33]. Group 4: Market Position and Pricing Strategy - Zhang supports regulatory measures against overpriced college admission services, asserting that such actions are necessary to maintain industry integrity [52][53]. - He expresses confidence that his company's pricing reflects the value of its services, suggesting that quality will prevail over lower-priced competitors in the long run [55][56]. Group 5: Personal Insights and Future Aspirations - Zhang emphasizes the importance of enjoying life and not equating success with financial metrics, advocating for a focus on personal fulfillment and meaningful experiences [118]. - He envisions a legacy that impacts future generations, highlighting the role of his company in shaping the educational journeys of students and the lives of their families [118][120].

Core Viewpoint - The report from CMB International maintains a target price of HKD 46 for New Oriental-S (09901) and a "Buy" rating, while adjusting revenue and operating profit forecasts for the fiscal years 2026 and 2027 downward by approximately 3% and 17% respectively [1] Group 1: Financial Projections - Revenue growth is expected at 10% and 14% for fiscal years 2026 and 2027 respectively, with an operating profit margin projected at 10.2% and 10.5%, showing a slight increase compared to fiscal year 2025 [1] - The fourth quarter of fiscal year 2025 saw a revenue increase of 9.4% year-on-year, surpassing the expectations of CMB International and other institutions, which were 2% and 5% respectively [1] - Excluding Dongfang Zhenxuan (01797), education and cultural tourism revenue increased by 19% year-on-year, with an education operating profit margin of 6.5%, up 410 basis points from the same period last year due to effective cost reduction and efficiency improvement measures [1] Group 2: Business Segments and Market Outlook - The guidance for the first quarter was below expectations primarily due to seasonal factors, but growth is expected to recover in the second to fourth quarters [1] - The management's guidance for fiscal year 2026 indicates a group revenue increase of 5-10%, compared to the market expectation of 12%, with the main adjustment being a downward revision of the growth forecast for overseas-related business to a decline of 5% [1] - The growth rate for K12-related business is maintained at the market expectation of 19% [1] Group 3: Valuation Methodology - CMB International has adjusted its valuation method to SOTP, assigning a price-to-earnings ratio of 15 times for K12 business and 8 times for study abroad business for fiscal year 2026, corresponding to profit growth rates of +22% and -10% respectively [1] - The company is accelerating cost optimization efforts, aiming to achieve stable or slightly increased operating profit margins for the entire year [1]

Investment Rating - The report downgrades the investment rating to "Accumulate" with an expected price increase of 5% to 15% over the next 6-12 months [5]. Core Views - The company reported Q4 FY2025 revenue of $1.243 billion, a year-over-year increase of 9.4%, with the education segment revenue reaching $1.089 billion, up 18.7%, exceeding guidance [2]. - The company announced a three-year shareholder return plan, committing to return at least 50% of the previous fiscal year's net profit to shareholders through dividends and buybacks, estimating a total return of no less than $186 million for FY2025 [4]. - The education business is expected to experience a slowdown in revenue growth due to economic conditions and increased competition, with Q1 FY2026 international exam preparation and study abroad consulting revenues projected to decline by 5% year-over-year [3]. Summary by Sections Performance Review - FY2025 Q4 revenue was $1.243 billion, with a 9.4% year-over-year increase. The education business revenue was $1.089 billion, up 18.7%, surpassing guidance. Non-GAAP operating profit margin improved to 6.5%, a 4.1 percentage point increase year-over-year [2]. Operational Analysis - The education business revenue growth is expected to slow in FY2026 due to economic and international factors. Q1 FY2026 international business is projected to decline by 5%, while K9 business is expected to grow by 15-16% [3]. - Profit pressure is anticipated from the slowdown in education revenue, but cost reduction and efficiency improvements are expected to positively impact profit margins by 1-1.5 percentage points [3]. Profit Forecast, Valuation, and Rating - The company is projected to achieve total revenues of $5.276 billion, $5.719 billion, and $6.228 billion for FY2026, FY2027, and FY2028, respectively, with a three-year compound growth rate of 8% [5]. - Non-GAAP net profit estimates are $560 million, $598 million, and $641 million for FY2026, FY2027, and FY2028, respectively, with adjusted PE ratios of 14, 13, and 12 times [5].

Core Insights - New Oriental Education Technology Group reported a revenue of $3.657 billion for the fiscal year ending February 28, 2025, reflecting a year-over-year growth of 15.12% [1] - The company's net profit attributable to shareholders reached $365 million, marking a 29.01% increase compared to the previous year [1] Company Overview - New Oriental Education Technology Group is positioned as a comprehensive education group focused on the holistic growth of students, driven by technology [2] - The company has evolved from the Beijing New Oriental School, established in 1993, and has developed multiple platforms including short-term training, cultural dissemination, consulting services, and technology industries [2] - New Oriental is a well-known private education institution in China, successfully listed on the New York Stock Exchange in September 2006 and later on the Hong Kong Stock Exchange in November 2020 [2]