海通国际又指，公司已宣布三年股东回报计划，派息率不低于50%。以2025财年净利润3.72亿美元及当 前市值计算，对应回报率约2.7%，体现了管理层对盈利的持续承诺与信心。 海通国际表示，集团在今年8月底止2026财年第一季经调整经营利润率，同比提升1个百分点，主要由东 方甄选贡献。但11月底止第二财季，公司将放缓教学中心扩张、提升存量利用率并全线提效，叠加去年 低基数，该行预计集团2026财年第二季度利润率再扩2个百分点，但明年5月底止下半财年因留学不确定 及K9竞争，环比取保守态度，预计同比改善0.3至0.5个百分点。全年度经调整经营利润预计6.5亿美元， 对应利润率12.1%。 智通财经APP获悉，海通国际发布研报称，首次覆盖新东方-S(09901)，认为该公司在包括K12及海外业 务在内的各个细分领域均处于领先地位; 除此之外，公司生成式AI在课件自动生成、名师数字分身及作 业批改等场景的落地，将同步提升转化效率和内容质量，帮助公司提效以及业务聚焦。海通国际给予 2026财年18倍市盈率，予新东方H股目标价49港元，首次覆盖予"优于大市"评级。 ...

集团在今年8月底止2026财年第一季经调整经营利润率按年提升1个百分点，主要由东方甄选贡献。但11 月底止第二财季，公司将放缓教学中心扩张、提升存量利用率并全线提效，叠加去年低基数，该行预计 集团2026财年第二季度利润率再扩2个百分点，但明年5月底止下半财年因留学不确定及K9竞争，环比 取保守态度，预计按年改善0.3至0.5个百分点。全年度经调整经营利润预计6.5亿美元，对应利润率 12.1%。 海通国际发表研报指，首次覆盖新东方，予其H股目标价49港元及"优于大市"评级，认为该公司在包括 K12及海外业务在内的各个细分领域均处于领先地位；除此之外，公司生成式AI在课件自动生成、名师 数字分身及作业批改等场景的落地，将同步提升转化效率和内容质量，帮助公司提效以及业务聚焦。 ...

在2025年11.26号AI人才培训发展大会暨「AI应用工程师」发布仪式现场，杭州天生不凡教育科技有限公司正式签约成为阿里巴巴钉钉AI咨询研究院咨询 核心伙伴，双方将依托钉钉生态与AI能力，共同推动企业智能化升级与AI人才培养。 本次大会于2025年11月26日在杭州阿里巴巴全球总部中心举办，由钉钉（中国）信息技术有限公司主办、钉钉AI咨询研究院承办，聚焦"培养智能化人 才，推动高质量就业，促进AI技术普惠"核心目标，旨在应对AI发展带来的组织变革与教育挑战，助力企业智能化转型。 此次天生不凡的核心伙伴加入，将进一步丰富研究院的生态服务能力——依托天生不凡在企业咨询陪跑领域的实战经验，结合研究院的AI技术与钉钉企业 级应用场景，双方将共同为企业提供从AI战略规划到落地执行的全链路服务。 《国务院关于深入实施"人工智能+"行动的意见》明确鼓励全民学习AI新知识、新技术。而据数据显示，2025年我国AI人才缺口已达500万，医疗、制造等 领域"一才难求"，企业急需AI技术与业务融合的复合型应用人才。 钉钉AI咨询研究院相关负责人袁中伟表示："AI技术激发了企业对人才的渴求，培训与 教育行业需协同推进AI人才培养， ...

研究报告 Research Report 30 Nov 2025 新东方-S New Oriental (9901 HK) 首次覆盖：多元化的教培龙头；目标 FY26 利润率提升；未来股东回报将进一步提升 A diversified education leader targeting FY26 margin expansion and higher shareholder returns ahead: Initiation [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 首次覆盖优于大市 Initiate with OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$40.30 目标价 HK$49.00 HTI ESG 5.0-5.0-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$65.90bn / US$8.46bn 日交易额 (3 个月均值) US$29.15mn 发行股票数目 1,635mn 自由流通股 (%) 88% 1 年股价最高最低 ...

Core Viewpoint - The article discusses the ongoing crisis of Suning, highlighting the company's bankruptcy restructuring and the potential shift towards live streaming as a means of recovery for its founder, Zhang Jindong, and his family [4][8][10]. Group 1: Suning's Current Situation - Suning's bankruptcy restructuring crisis is escalating, with the voting period for the restructuring plan postponed to December 14 [4]. - The restructuring plan requires Zhang Jindong and his wife to inject all personal assets into a trust within three months to suspend creditor claims against their personal guarantees [4]. - Suning's debt crisis began with uncontrolled diversification, leading to over 78 billion yuan spent on cross-industry acquisitions since 2012, culminating in a debt of over 238.7 billion yuan against an asset valuation of only 63.69 billion yuan [8][10]. Group 2: Live Streaming as a Solution - Live streaming has emerged as a potential solution for debt-laden entrepreneurs, with examples of successful transitions in the industry, such as Luo Yonghao and Chen Nian [4][10]. - Zhang Jindong missed the initial wave of live streaming but is encouraged to start now, as it is better late than never [6][10]. - Douyin (TikTok) is positioning itself as a competitor in the home appliance market, providing an opportunity for Suning to leverage its established supply chain and logistics to complement Douyin's content and traffic advantages [10][11]. Group 3: Zhang Kangyang's Role - Zhang Kangyang, as the heir to Suning, has the potential to capitalize on his existing popularity and transform it into a business opportunity through live streaming [12][14]. - The article draws parallels between Zhang Kangyang and other second-generation entrepreneurs who have successfully utilized live streaming to revitalize their family businesses [17][21]. - The success of other second-generation figures in live streaming demonstrates that Zhang Kangyang's entry into this space could be a critical step for Suning's recovery [20][21].

Core Viewpoint - On November 28, Angli Education announced the sale of its subsidiary's real estate assets for 65.6 million yuan, which is expected to generate approximately 49 million yuan in profit for the company [2]. Group 1: Transaction Details - The subsidiary, Shanghai Jiao Tong University Nanyang Electromechanical Technology Co., Ltd., sold its real estate located at 488 Beisong Road, Minhang District, Shanghai [2]. - The buyer is Shanghai Hefengyuan Environmental Technology Co., Ltd., and the sale includes the building and the land use rights [2]. - The transaction has been completed with the transfer of ownership and the issuance of a new property rights certificate [2]. Group 2: Financial Impact - The company received 32.8 million yuan, which is 50% of the transfer price, along with interest of 74,051.09 yuan [2]. - The expected profit from this sale is around 49 million yuan, excluding income tax expenses, with final figures subject to the annual audit report by the accounting firm [2].

Group 1: Investment Ratings - The report maintains a "Buy" rating for both Ctrip and Tongcheng Travel, indicating a positive outlook on their performance in the online travel industry [1][2][5][6]. Group 2: Core Insights - Ctrip's Q3 2025 revenue increased by 16% year-on-year to 18.4 billion yuan, with non-GAAP operating profit reaching 6.1 billion yuan, exceeding expectations due to lower marketing expenses [1][5]. - Tongcheng Travel reported a 10% year-on-year revenue growth to 5.5 billion yuan in Q3 2025, with adjusted net profit rising 17% to 1.06 billion yuan, driven by better-than-expected accommodation business performance [2][6]. - Ctrip's accommodation booking revenue grew by 18%, transportation revenue by 12%, and international OTA platform bookings increased by over 60% year-on-year [1][5]. - Tongcheng Travel's core OTA business revenue grew by 15%, with accommodation booking revenue also up by 15%, benefiting from increased hotel average prices and record daily room nights [2][6]. - Ctrip's international hotel and flight bookings have increased by 140% compared to 2019, while Tongcheng Travel expects outbound travel business to grow rapidly, contributing 10-15% to overall revenue by 2027 [1][2][5][6]. Group 3: Summary by Sections Section 1: Overseas Social Services - Ctrip's Q3 2025 performance shows strong growth across various segments, with significant increases in international bookings and a solid market position in China [1][5]. - Tongcheng Travel's performance reflects a robust growth trajectory, particularly in accommodation and outbound travel, with a strong user base [2][6]. Section 2: Overseas Pharmaceuticals - CSPC Pharmaceutical Group reported a 12.3% year-on-year decline in revenue for the first three quarters of 2025, totaling 19.89 billion yuan, but showed a 3.4% revenue growth in Q3 [3][10]. - The company's net profit for Q3 2025 increased by 27.2% to 964 million yuan, aligning with expectations despite a decline in overall revenue for the year [3][10]. Section 3: Overseas Education - The education index saw a 2% increase, with a year-to-date growth of 7.3%, indicating a recovery in the sector [4][16]. - The report suggests a positive outlook for private higher education companies, with expectations of improved profitability and growth potential [4][18].

Group 1 - The core viewpoint of the article is that Angli Education (600661) plans to cultivate its silver economy business as the company's second growth curve [1] Group 2 - The company has made this announcement on November 28 through an interactive platform [1]

Group 1 - The seminar titled "Building a New Foundation for AI Education" was held on November 25, focusing on "restructuring educational cloud computing power" and "AI talent cultivation" [1] - The event was co-hosted by Zhonggong Education and New Era, with NVIDIA executives attending, highlighting the significance of the meeting [1] - Zhonggong Education announced the establishment of a joint venture, New Era, in October to focus on computing power platforms and AI talent ecosystems [1] Group 2 - NVIDIA executives shared global trends in computing power technology and suggested that "computing power as a service" could be a key path for the popularization of AI in education [1] - Although no specific cooperation plans were announced, the presence of NVIDIA executives provided technical endorsement for Zhonggong Education's computing power layout [1] - There are indications that the collaboration between Zhonggong Education and NVIDIA may focus on building a technology ecosystem [1] Group 3 - Tianfeng Securities believes that the layout of AI computing power could help Zhonggong Education break through traditional business limitations, but emphasizes the need to monitor the actual implementation capabilities [1] - The success of the joint venture or cooperation projects will depend on the specific progress made, and if the computing power platform can be successfully commercialized, it may reconstruct Zhonggong Education's valuation system [1] Group 4 - The construction of AI infrastructure in education is a systematic project requiring technology, content, and market-driven efforts [2] - Zhonggong Education's ability to open new business growth curves depends on its technology integration capabilities and market development efficiency [2] - New Era, as an independent AI business entity, must leverage existing resources and content advantages while establishing a business model that meets technology service and platform operation needs [2]

Core Insights - In a highly competitive environment, companies and individuals are increasingly leveraging "cross-industry collaboration" to enhance exposure and expand resources [1] Summary by Categories 1. Cross-Industry Collaboration Channels - **Industry Communities and Professional Forums**: These are the easiest entry points for collaboration. Platforms like WeChat groups, QQ groups, and vertical forums gather industry professionals and stakeholders. For example, pet product companies can join pet industry groups, while education training firms can connect with parent and institution groups. The advantages include low cost and low entry barriers, but the quality of connections can vary, requiring proactive communication to find suitable partners [4] - **Collaboration Matching Platforms**: These platforms, such as advertising agencies and public relations service providers, facilitate resource matching. They have a structured database of collaborations and standard processes for connecting business needs with resources. This is suitable for teams looking to quickly find reliable partners, especially for promotions, investments, and channel expansions. The benefits include high efficiency, but these platforms often operate on a fee basis, making them more suitable for companies with a sufficient budget [5] - **Industry Exhibitions and Summit Events**: Offline exhibitions are direct collaboration venues, attracting numerous channel merchants, manufacturers, and service providers. Events like e-commerce conferences and technology exhibitions allow for immediate discussions on collaboration. The advantages include high-quality connections with genuine needs and budgets, but they require significant time and effort, making them less feasible for small teams [7] - **B2B Collaboration Platforms**: Platforms like Alibaba and Qifubang cater to business-to-business collaboration needs. Companies can post their products, channels, services, and investment plans while also filtering through peer postings. The advantages are transparency and diverse demands, but competition is intense, and information can be overwhelming, necessitating ongoing account management for stable results [8] - **Social Media and Content Platforms**: Many brands now publicly announce collaboration needs on platforms like Weibo, Xiaohongshu, and Douyin, seeking influencers for reviews, channel distribution, or content collaboration. Following industry accounts can reveal numerous collaboration opportunities. This method is flexible and rapidly updated, ideal for KOL partnerships and content promotion, but requires a certain level of content discernment to evaluate potential partners [9]