大华继显发表研报指，新东方2026财年第二季业绩胜预期，收入按年增长15%至11.91亿美元，较该行 及市场预期高3%；非公认会计准则净利润达7300万美元，胜该行及市场预期27%至30%，受惠于持续审 慎的成本控制；而净利润率按年扩张2个百分点至6%。公司预计2026财年第三季收入将按年增长11%至 14%，至13.13亿至13.49亿美元，符合市场预期。该行将新东方美股评级上调至"买入"，目标价上调至 68美元。 ...

摩根大通发表研报指，新东方2026财年第二财季业绩好过预期，并上调指引，是两年来首次。管理层的 乐观态度，令该行将2026财年至2027财年经营利润预测上调7%。该行指，新东方重新回到优质复合增 长轨道，有望持续实现业绩超预期及指引上调。该行重申新东方"增持"评级及首选股地位，目标价由53 港元上调至55港元。 ...

该行指出，新东方已重新回到"优质复合增长"轨道，有望持续实现业绩超预期及指引上调。不过，该行 认为市场仍未充分了解到其盈利潜力及复利效应。公司每股盈利的年均复合增长率逾15%，支持其估值 重估。同时，投资者亦可获得每年超过5%的资本回报，背后由56亿美元净现金支持。 新东方2026财年第二财季业绩好于预期，并上调指引，这是两年来的首次。管理层的乐观态度促使该行 将2026财年至2027财年的经营利润预测上调7%。 摩根大通发布研报称， 重申新东方-S(09901)"增持"评级及首选股份地位，目标价由53港元升至55港 元。 ...

Core Viewpoint - Morgan Stanley reaffirms "Overweight" rating for New Oriental-S (09901) and raises target price from HKD 53 to HKD 55 [1] Financial Performance - New Oriental's Q2 FY2026 results exceeded expectations and guidance was raised for the first time in two years [1] - Management's optimistic outlook led to a 7% increase in operating profit forecasts for FY2026 to FY2027 [1] Growth Potential - The company is back on a "high-quality compound growth" track, with expectations for continued performance exceeding forecasts and upward guidance adjustments [1] - The market has not fully recognized the company's profit potential and compounding effects [1] Earnings and Valuation - The annual compound growth rate for earnings per share exceeds 15%, supporting a revaluation of the company's stock [1] - Investors can expect over 5% annual capital returns, backed by USD 5.6 billion in net cash [1]

Core Viewpoint - Citigroup's research report indicates that New Oriental-S (09901.HK) management has confirmed that second-quarter performance exceeded expectations, with a profit margin expansion of 300 basis points (excluding Dongfang Zhenxuan), and expressed high confidence in exceeding annual targets [1] Group 1: Financial Performance - K12 business is accelerating growth in the third quarter, with high school business guidance up 18% and K9 business guidance up 23% (in USD) [1] - This strong performance is sufficient to offset the weakness in the annual overseas business, which is projected to be between 0% to -5% [1] - Management has stated that revenue and profit will definitely exceed expectations, showing confidence in achieving targets for the year [1] Group 2: Strategic Developments - New Oriental is merging its overseas exam preparation business with its study abroad consulting business to reduce customer acquisition costs and break down departmental barriers, marking a key strategic shift [1] - The upward revision of high school business guidance to 18% reflects the expansion of the OMO model and efficiency improvements driven by AI workplace systems [1] - Improved retention rates in K9 support an annual growth of over 20% [1] Group 3: Analyst Rating - Citigroup maintains a "Buy" rating for New Oriental with a target price of HKD 59 [1]

Core Viewpoint - New Oriental-S (09901) reported strong financial results for the second quarter of fiscal year 2026, with significant year-on-year growth in revenue and profit metrics, leading to a stock price increase of over 4% [1] Financial Performance - For the second quarter of fiscal year 2026, net revenue increased by 14.7% year-on-year to $1.191 billion [1] - Operating profit surged by 244.4% year-on-year to $66.3 million [1] - Net profit attributable to shareholders rose by 42.3% year-on-year to $45.5 million [1] - For the first half of fiscal year 2026, net revenue was approximately $2.714 billion, reflecting a year-on-year growth of 9.7% [1] - Operating profit for the first half was about $377 million, up 20.7% year-on-year [1] - Net profit attributable to shareholders for the first half was approximately $286 million, a year-on-year increase of 3.2% [1] Market Expectations - Bank of America Securities noted that New Oriental-S's revenue and profit margins exceeded expectations for the second fiscal quarter [1] - Revenue growth accelerated to 15%, surpassing the guidance of 9% to 12% [1] - Non-GAAP operating profit margin expanded by 4.8 percentage points, also exceeding the guidance of "over 1 percentage point" [1] - The company provided a revenue growth guidance of 11% to 14% for the third fiscal quarter ending in February [1] - Full fiscal year revenue guidance was raised to $5.3 billion to $5.5 billion, indicating a year-on-year growth of 8% to 12%, up from the previous guidance of 5% to 10% [1] - The primary growth drivers include K12 business, Dongfang Zhenxuan, and a narrowing decline in overseas exam preparation services [1]

Company Overview: New Oriental Education & Technology Group Key Financial Metrics - Revenue for FY2026 Q2 reached $1.191 billion, representing a year-over-year increase of 14.7% [1] - Operating profit was $66 million, showing a significant year-over-year growth of 244.4% [1] - Non-GAAP operating profit stood at $89 million, reflecting a year-over-year increase of 206.9% [1] - Net profit attributable to shareholders was $46 million, up 42.3% year-over-year [1] - Non-GAAP net profit attributable to shareholders was $73 million, with a year-over-year increase of 68.6% [1] Business Segment Performance - The overseas exam preparation segment grew by 4.1% year-over-year [1] - Domestic adult exam preparation and university student business increased by 12.8% year-over-year [1] - New education business saw a growth of 21.6% year-over-year [1] - Non-academic training had 1.058 million students in Q2 [1] - Active paid users for smart learning systems and devices reached 352,000 [1] Operational Metrics - The company's operating profit margin (OPM) for Q2 was 5.6%, compared to 1.9% in the same period last year [1] - Non-GAAP OPM increased to 7.5%, a rise of 470 basis points year-over-year [1] Cash and Investment Position - As of January 27, 2026, the company repurchased approximately 1.6 million American Depositary Shares under the new share repurchase plan, totaling about $86 million [2] - Cash and cash equivalents at the end of the period were $1.843 billion, with time deposits of $1.610 billion and short-term investments of $1.875 billion [2] - Contract liabilities as of the end of November 2025 were $2.162 billion, reflecting a year-over-year increase of 10.2% [2] Future Guidance - The company expects FY2026 Q3 revenue to be between $1.313 billion and $1.349 billion, representing a year-over-year growth of 11% to 14% [2] - Full-year revenue guidance for FY2026 has been raised to between $5.292 billion and $5.488 billion, indicating a year-over-year increase of 8% to 12%, up from the previous guidance of 5% to 10% [2]

Group 1 - Company announced the purchase of a total of 1.75 million shares on January 28, 2026, under the stock incentive plan rules and trust deed [1] - The shares purchased will be held in trust for the benefit of selected participants [1]

据了解，审理过程中，法院坚持"支持与监督并重"，"穿透式"审查公司变更登记背后的股权背景、受让 人资信等情况，及时发现公司隐瞒事实、恶意逃债等潜在问题，依法支持了行政机关作出的撤销变更登 记行政行为。最终，济南铁路运输法院一审判决驳回山东某教育咨询公司要求撤销济南某管委会行政决 定的诉讼请求；某公司不服，提起上诉，济南铁路运输中级法院二审判决驳回上诉，维持原判。 法院方面表示，该案系山东省首例职业闭店行政撤销案件，济南铁路运输中级法院通过邀请省、市、区 三级80余名行政机关负责人观摩庭审，案件审结后向济南市政府作专项报告，推动实现"审理一案、规 范一片"，积极为优化法治化营商环境、弘扬诚实守信风尚提供司法助力。 来源：新黄河客户端 记者李震 来源：济南时报 近日，济南铁路运输两级法院依法审结山东省首例职业闭店行政撤销案件，针对山东某儿童教培机构恶 意变更法定代表人、试图逃避百万元家长预付款及员工工资债务的行为，法院终审维持济南某管委会撤 销该公司变更登记的决定。据了解，该案办理中，法院通过"穿透式"审查查清企业恶意逃债事实，依法 支持行政机关监管行为，有力维护了市场经营秩序和社会诚信，为预付式消费领域治理提供 ...

周三，新东方(EDU.US)盘前涨逾6%，报59.70美元。消息面上，新东方发布2026财年二季度未经审核财 务业绩，报告期内，新东方实现净营收11.91亿美元，同比上升14.7%；经营利润6630万美元，同比上升 244.4%；股东应占净利润4550万美元，同比上升42.3%。 ...