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 ...

Financial Performance - New Oriental's Q2 FY2026 revenue increased by 14.7% year-on-year to $1.191 billion, exceeding guidance by 2% and market consensus by 3%[6] - Non-GAAP operating profit for Q2 FY2026 surged by 206.9% to $89 million, with a profit margin improvement of 4.7 percentage points to 7.5%[6] - Non-GAAP net profit attributable to shareholders rose by 68.6% to $73 million in Q2 FY2026[6] Business Segments - Revenue from overseas exam preparation grew by 4.1%, accelerating from 1.0% in Q1 FY2026[6] - Domestic exam preparation revenue increased by 12.8%, slightly down from 14.4% in Q1 FY2026[6] - New education business revenue grew by 21.6%, up from 15.3% in Q1 FY2026[6] Future Outlook - The company expects Q3 FY2026 revenue growth of 11-14%, aligning closely with market expectations[6] - Full-year revenue growth guidance for FY2026 has been raised from 5-10% to 8-12%, indicating stronger confidence in business growth[6] Market Position - New Oriental's market capitalization stands at $9.37 billion as of January 27, 2026[10] - The stock price was $55.97, with a 12-month high of $60.71 and a low of $41.22[10] Risks - Ongoing policy risks in the education sector may impact financial performance and brand value[8] - Structural changes in the education market and the pace of business transformation could significantly affect results[8]

好未来总裁兼首席财务官彭壮壮表示，本季度，好未来的净收入继续保持稳健增长态势。好未来始终专 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。 北京商报讯（记者 吴其芸）1月29日，好未来教育公布2026财年第三季度未经审计财务报告，报告期 内，好未来净收入为7.7亿美元，同比增长27%；经营利润为9312.3万美元；归属于好未来的净利润为 1.31亿美元，同比增长466.1%。 财报显示，2026财年前三季度，好未来净收入为22.07亿美元，同比增长34.5%；归属于好未来的净利润 为2.86亿美元，同比增长211.2%。 ...

截至2025年11月30日，公司现金、现金等价物及短期投资总额为36.174亿美元，而截至2025年2月28日 为36.184亿美元。2026财年第三季度经营活动产生的净现金流为5.267亿美元。 截至2025年11月30日，公司递延收入余额为11.628亿美元，而截至2025年2月28日为6.712亿美元。 智通财经APP获悉，好未来(TAL.US)公布了截止至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27.0%)，超出预期417万美元。 业绩公布后，截至发稿，该公司股价周四盘前上涨9.94%。 ...

Core Viewpoint - Thinker Education (01769) announced the purchase of a total of 1.25 million shares on the market by the trustee under the share award plan, which will be held in trust for the benefit of selected participants [1] Group 1 - The shares were acquired on January 29, 2026 [1] - The acquisition is part of a share award plan aimed at benefiting selected participants [1]

证券研究报告 新东方 (9901 HK/EDU US) 低基数下利润有望持续释放 华泰研究 中报点评 2026 年 1 月 29 日│中国香港/美国 K12 教育 优化组织架构，有望助力运营提效 据业绩会，公司计划在 2026 财年结束前（即 2026 年 5 月底前），将其留 学咨询和留学考培业务正式合并。我们认为在出国留学行业进入存量竞争的 大背景下，合并两大板块有望精简服务链条，强化规模效应，提升运营效率， 同时通过合并管理团队、教师、营销及行政人员等降低成本。 维持"买入"评级 考虑到 K12 收入提速、降本增效及汇率顺风的影响，我们略微上调 FY26/27/28 non-GAAP 归母净利润至 5.78/6.81/7.56 亿美元（前值： 5.62/6.48/7.07 亿美元）。可比公司彭博一致预期均值 15.47x FY26 PE， 考虑到公司核心业务盈利稳健性及股东回报行业领先，给予公司 18x FY26 PE，得到目标价 65.43 美元/51.39 港元（前值：67.31 美元/52.66 港元，基 于集团整体 non-GAAP 归母净利润 19.06x FY26 PE），维持"买入"。 风 ...

2026.01. 29 此次电话会，公司高层强调了东方甄选与新东方的协同方向，据孙进透露，许多新东方地方学校已在 校园显著位置铺设东方甄选自动售货机，推广东方甄选自营产品，部分实现盈利，未来计划进一步扩 大布局范围，覆盖包括写字楼、社区、学习中心等场景。 本文字数：1164，阅读时长大约2分钟 作者 | 第一财 经 吕倩 1月29日，港股收盘，东方甄选(1797.HK)股价涨14.21%至25.24港元，总市值266亿港元。 东方甄选近一年股价走势 消息面上，东方甄选2026财年中期财报显示，公司2026财年上半年营收23.116亿元，同比增长 5.7%；期内溢利2.39亿元，上年同期亏损9650.3万元。 财报电话会上，东方甄选董事长俞敏洪、东方甄选执行总裁孙进、东方甄选CFO尹强回应公司目前 业务情况。 去年12月，俞敏洪确认，由新东方教育科技集团副总裁孙进担任东方甄选执行总裁。此次电话会 上，俞敏洪对孙进充分肯定。他称，孙进在新东方工作近二十年，是解决问题的高手，曾带动新东方 华南区整体年收入从不足10亿元增至近40亿元。选择孙进接手东方甄选，看重的是他推动业务增长 的潜力，以及对他文化与价值观的高度认 ...

Investment Rating - The report upgrades the investment rating of New Oriental-S (9901.HK) to "Buy" [1] Core Insights - FY26Q2 revenue reached USD 1.191 billion, a year-on-year increase of 14.7%, exceeding previous guidance. Net profit attributable to shareholders was USD 45.45 million, up 42.3% year-on-year, while Non-GAAP net profit attributable to shareholders was USD 72.90 million, reflecting a 68.6% increase year-on-year [5][6] - The company has raised its full-year revenue guidance for FY26 to USD 5.292-5.488 billion, representing a year-on-year growth of 8%-12%, up from the previous guidance of 5%-10% [7] - The company plans to distribute a cash dividend of USD 0.12 per share and has initiated a USD 300 million share buyback program, indicating management's confidence in future growth [7] Revenue Performance - The revenue breakdown for FY26Q2 shows: 1) Overseas business revenue grew by 4.1% year-on-year, focusing on core exam preparation needs 2) Domestic exam preparation for adults and university students saw a 12.8% year-on-year increase, becoming a core revenue support 3) New educational businesses reported a 21.6% year-on-year revenue growth, with significant expansion in non-subject tutoring across approximately 60 cities [6] 4) Dongfang Zhenxuan achieved revenue of RMB 2.3 billion in the six months ending November 30, 2025, a 5.7% year-on-year increase, and turned a profit of RMB 239 million [6] Profitability and Efficiency - FY26Q2 Non-GAAP operating profit was USD 89.13 million, a significant increase of 206.9% year-on-year, with an operating profit margin of 7.5%, up 4.7 percentage points year-on-year [8] - The improvement in profitability is attributed to a focus on core operations, cost reduction measures, and efficiency optimization through organizational restructuring and AI technology [8] Earnings Forecast and Valuation - The earnings forecast for FY26-28 has been revised upwards, with net profit estimates of USD 497 million, USD 585 million, and USD 680 million for FY26, FY27, and FY28 respectively, reflecting increases of 33.8%, 17.7%, and 16.2% [9] - The projected EPS for FY26-28 is USD 0.31, USD 0.37, and USD 0.43, with corresponding P/E ratios of 18x, 15x, and 13x, indicating a strong position in the education and training industry [9][10]

| TAL 好未来 | | | | --- | --- | --- | | 10.760 + +0.110 +1.03% | | 收盘价 01/28 16:00 美东 | | 11.500 ↑ 0.740 +6.88% | | 盘前价 01/29 04:13 美东 | | 一 5 24 4 5 8 9 同 ♥ 飾 | | ● 快捷交易 | | 最高价 11.190 | 开盘价 10.980 | 成交量 319.73万 | | 最低价 10.700 | 昨收价 10.650 | 成交额 3456.71万 | | 平均价 10.811 | 市盈率 M 37.89 | 总市值 65.63亿 (…) | | 振 幅 4.60% | 市盈率(静) 78.54 | 总股本 6.1亿 | | 换手率 0.78% | 市净率 1.910 | 流通值 44.4亿 | | 52周最高 15.300 | 委 比 77.52% | 流通股 4.13亿 | | 52周景低 8.500 | 量 比 0.86 | 每 手 1股 | | 历史景高 90.960 | 股息ITM -- | | | 历史最低 1.094 | 股息率TM -- | ...