出生率持续下跌，老年教育是教培又一出路吗？ 除了新东方，还有从上海交通大学勤工俭学中心发展而来的昂立教育、公考机构粉笔等多家教培公司选择布局银发经济。 和传统的K12教育相比，老年教育是一门怎样的生意？未来又会怎样发展？刺猬公社（ID：ciweigongshe）发现，醉翁之意不在酒，老年大学仅是教培机 构更大生意的流量入口。 近几年的教培行业内，转型和自救早已是各个企业共同的命题：有的直播卖货，有的尝试转型To B，有的做起了学习机、羽绒服、咖啡等新的生意......就 在最近，一个新的转型方式出现了——养老。 以行业的龙头企业新东方为例，2024年，新东方先是在南京试点老年大学，设立外语、旅游文化和艺术三个学院；近期，新东方又在北京推出"退休俱乐 部"，同样开设多个兴趣课程，相较其他新东方培训课程价格亲民。 图源公众号南京新东方银铃俱乐部 这个消息社交媒体上也是小火一把。"过去爸妈送小时候的我上新东方，现在我送老了的爸妈去新东方"，这又何尝不是一种穿越代际的奇特互文？ 新东方给出的课表显示，在北京，2月开始就有线下体验课、3月开始正式正价课。课程内容有八段锦、歌舞和拓染等，预计在北京四个城区开设线下校 区。 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 FY26Q2 公司 Non-GAAP 经营利润为 8913 万美元，同比+206.9%。Non-GAAP经营利润率为 7.5%，同比 +4.7pcts，盈利能力大幅改善。利润率的提升主要得益于：一是聚焦核心经营，未盲目扩张教学点，重点 强化教学质量管控、优化市场费用投放；二是降本增效工作稳步推进。公司降本增效分两阶段推进，第一 阶段聚焦精简 FY26Q2 新东方实现净营收 11.91 亿美元，同比+14.7%；实现归母净利润 4545万美元，同比+42.3%；实 现 Non–GAAP 归母净利润 7290 万美元，同比+68.6%。 FY26Q2 核心业务多点开花，全年收入指引上调 FY26Q2 公司净营收同比增长 14.7% ...

智通财经APP获悉，周四，好未来(TAL.US)大涨逾12%，报12.13美元。好未来公布截止至2025年11月30 日的2026财年第三季度业绩。非GAAP每股收益为0.25美元，超出预期0.17美元。营收为7.7017亿美元， 同比增长27%，超出预期417万美元。 ...

（编辑 张昕） 截至2025年11月30日的9个月，好未来净收入为22.07亿美元，上年同期净收入为16.40亿美元。归属于好未来的净利润为 2.86亿美元，上年同期归属于好未来的净利润为9190.2万美元。 好未来总裁兼首席财务官彭壮壮表示："第三季度，公司净收入继续保持稳健增长态势。公司始终专注于将技术融入学习 体验，并致力于不断优化内容、产品与服务，以助力学生的全面发展。" 本报讯 （记者袁传玺）2026年1月29日，好未来教育（纽约证券交易所：TAL，以下简称"好未来"或"公司"）公布其截至 2025年11月30日的2026财年第三季度未经审计财务报告。 第三季度，好未来净收入为7.70亿美元，上年同期净收入为6.06亿美元；归属于好未来的净利润为1.31亿美元，上年同期归 属于好未来的净利润为2306.9万美元。基本和摊薄每ADS净利润分别为0.24美元和0.23美元。截至2025年11月30日，现金、现金 等价物和短期投资合计余额为36.17亿美元。 彭壮壮补充道："公司将继续推进各项战略举措，灵活配置资源，构建竞争优势，为用户及社会创造价值。" ...

Investment Rating - The investment rating for the company is "Buy" [5][4]. Core Insights - The company reported a total revenue of $1.191 billion for Q2FY26, representing a year-over-year increase of 14.7%, exceeding the guidance upper limit of 12% [1]. - Adjusted operating profit for Q2 was $89 million, with an operating profit margin (OPM) of 7.5%, which is a year-over-year increase of 4.7 percentage points, significantly surpassing Bloomberg consensus expectations [1][2]. - The company expects total revenue growth of 11-14% for Q3FY26 and 8-12% for the full fiscal year, reflecting improvements in teaching quality, returning demand, and favorable exchange rates [1][2]. - The core K12 business is showing robust growth, and the company is expected to gradually improve profit margins through cost reduction and efficiency enhancements, aiming to provide stable returns to shareholders in the long term [1][4]. Summary by Sections Financial Performance - For Q2FY26, the company achieved a revenue of $1.191 billion, with a year-over-year growth of 14.7% [1]. - The adjusted operating profit margin increased to 7.5%, which is a 4.7 percentage point improvement from the previous year [2]. - The company has slightly raised its non-GAAP net profit forecasts for FY26, FY27, and FY28 to $578 million, $681 million, and $756 million, respectively [8][4]. Business Segments - The K12 segment is experiencing a return to normal pricing competition, with new business revenues growing by 21.6% year-over-year in Q2 [2]. - The revenue from university and adult education increased by 12.8%, while study abroad training revenue grew by 4.1% [2]. - The company plans to merge its study abroad consulting and training businesses by the end of FY26, which is expected to streamline operations and enhance efficiency [3]. Valuation and Price Target - The target price for the company is set at $65.43 per share, based on an 18x FY26 PE ratio, reflecting the stability of its core business and leading shareholder returns in the industry [4][8]. - The previous target price was $67.31, indicating a slight adjustment based on updated profit forecasts [4][8].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported FY26Q2 net revenue of $119.1 million, a year-on-year increase of 14.7%, with net profit attributable to shareholders at $4.55 million, up 42.3%, and Non-GAAP net profit at $7.29 million, reflecting a 68.6% increase [2] - The revenue exceeded expectations primarily due to the recovery in new education business and the revival of Dongfang Zhenxuan, with profit growth outpacing revenue growth due to a 1.2 percentage point increase in gross margin and a 2.6 percentage point decrease in sales expense ratio [2] - The company has successfully advanced its shareholder return plan, having fully paid the first cash dividend of $0.06 per ordinary share and initiated a $300 million share buyback plan, repurchasing approximately 1.6 million ADS for a total consideration of about $86.3 million as of January 27, 2026 [2] Summary by Relevant Sections Business Performance - Non-academic business showed a recovery with a 6.4% increase in enrollment and a 10.2% rise in deferred revenue in the first half of the year. The new education business grew by 21.6% year-on-year in FY26Q2, significantly up from 15.3% in FY26Q1, driven by a focus on core education services and improved teaching quality [3] - The deferred revenue balance reached $2.162 billion, a 10.2% year-on-year increase, slightly up from 10.0% in FY26Q1 [3] Profitability Metrics - The company's gross margin and net profit margin for FY26Q2 were 53.3% and 3.8%, respectively, reflecting year-on-year increases of 1.2 and 0.7 percentage points. The sales and management expense ratios decreased by 2.6 and 0.1 percentage points, respectively [4] Financial Guidance - The company provided FY26Q3 guidance for revenue growth of 11-14% in USD terms, with an annual revenue growth forecast of 5%-10% for FY26. New business is expected to grow by 20%-25%, while high school business is projected to grow by 13% [5] - Long-term, the company is positioned as a rare national leader with stable core education revenue, focusing on cost reduction and efficiency improvements, which are expected to enhance profit margins [5] - The company maintains its revenue forecasts for FY26-28 at $5.297 billion, $5.778 billion, and $6.296 billion, respectively, and net profit forecasts at $458 million, $526 million, and $577 million, respectively, corresponding to EPS of $0.28, $0.32, and $0.35 [5]

TAL Education Group (NYSE:TAL) Q3 2026 Earnings call January 29, 2026 07:00 AM ET Speaker3Ladies and gentlemen, good day and thank you for standing by. Welcome to the TAL Education Group's Fiscal 2026 third quarter earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, ...

Investment Rating - The report maintains a "Buy" rating for New Oriental Education & Technology Group (9901.HK) [1] Core Insights - New Oriental's FY26Q2 results exceeded expectations, with net revenue of $119.1 million, a year-on-year increase of 14.7%, and net profit attributable to shareholders of $4.55 million, up 42.3% [2] - The growth in revenue was primarily driven by a rebound in new education business and the recovery of Dongfang Zhenxuan, while profit growth outpaced revenue due to a 1.2 percentage point increase in gross margin and a 2.6 percentage point decrease in sales expense ratio [2] - The company has successfully implemented its shareholder return plan, including a cash dividend of $0.06 per ordinary share and a share buyback plan of $300 million, with approximately 1.6 million ADS repurchased to date [2] Summary by Sections Financial Performance - For FY26Q2, New Oriental's gross margin and net profit margin were 53.3% and 3.8%, respectively, reflecting year-on-year increases of 1.2 and 0.7 percentage points [4] - The company reported a deferred revenue balance of $2.162 billion, a year-on-year increase of 10.2% [3] Business Segments - The new education business, which includes quality education and intelligent learning systems, grew by 21.6% year-on-year in FY26Q2, a significant rebound from 15.3% in FY26Q1 [3] - The overseas examination preparation and consulting business showed mixed results, with a year-on-year growth of 4.1% and a decline of 3.0%, respectively [3] Future Guidance - The company projects FY26Q3 revenue growth of 11-14% and an annual revenue growth of 5-10% for FY26 [5] - Long-term, New Oriental is expected to maintain steady revenue growth in its core education business, with new business growth projected at 20-25% [5] - The report maintains revenue forecasts of $5.297 billion, $5.778 billion, and $6.296 billion for FY26, FY27, and FY28, respectively, along with net profit forecasts of $458 million, $526 million, and $577 million for the same periods [5]

原本以为可以拿回教培机构的退费，没想到却一步步掉进骗子精心设计的陷阱，损失惨重。近日，近期，新京报 针对假冒"全国12315平台"等机构主动联系退费学员、用理财产品等新型诈骗予以曝光，甚至有学员（家长）先后 被骗走6000元到30000元不等。 "我局严正声明：全国12315平台从未办理'退费业务'，也未与任何机构（含网站）和个人合作办理'退费业务'。"1 月29日，国家市场监督管理总局官方微信公众号"市说新语"发布严正声明予以回应，强调有不法分子以"全国 12315平台"为名义办理退费业务导致消费者利益受损的情况，提醒消费者注意，如遇可疑情况可直接报案。 "12315"未与任何机构和个人合作办理"退费业务" 2026年1月13日，新京报App刊发《退三千被骗三万？冒用全国12315平台获客，教培退费现新骗局》（当日新京 报A10版面以《教培退费陷阱调查|身披权威机构外衣 小额为饵大笔敛财》刊发），发现有不法分子身披权威机构 外衣，冒充"全国12315平台"等机构主动联系消费者，以小额退费为诱饵，用理财产品实施诈骗，或诱导消费者贷 款购买"基金"，给消费者造成损失。 新京报教培退费陷阱调查报道版面。 全国12 ...

本文是由投资/产品专员而非分析师撰写的文章汇编。 它不构成研究报告，也不应被解释为研究报告，也不旨在提供 专业、投资或任何其他类型的建议或推荐。 CSIWM 个股点评 新东方 本文内容由 Ryan Lee (李昊谦) 提供 中信证券财富管理(香港) 产品及投资方案部 中国消费品行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 2026 财年二季度超预期 上调全年指引 2026 财年二季度营收：2026 财年二季度营收同比增长 14.7%至 11.91 亿美元，较指引上限高 2%，较市场一 致预期高 3%。 按业务划分： o 出国考试准备业务同比增长 4.1%，较 2026 财年一季度的 1.0%有所加速。 o 国内考试准备业务同比增长 12.8%，较 2026 财年一季度的 14.4%略有放缓。 o 新教育业务同比增长 21.6%，较 2026 财年一季度的 15.3%加速。非学科辅导业务人次同比增长 6.4%至 105.8 万，较 2026 财年一季度的 9.5%放缓。智能学习设备活跃付费用户数为 35.2 万，低于 2026 财年 ...