Core Viewpoint - The establishment of a vocational training school for Lanzhou beef noodles is contributing to the preservation of this national intangible cultural heritage and providing a pathway for skill development in the industry [1][2]. Group 1: Industry Development - Lanzhou beef noodle making has been recognized as a new occupation by the Ministry of Human Resources and Social Security, which provides clearer career development paths for practitioners [2]. - The vocational training school has trained nearly 10,000 professionals in Lanzhou beef noodles over the past decade, indicating a significant growth in skilled labor for this industry [1]. Group 2: Economic Impact - Graduates from the training program are successfully opening their own noodle shops, with some even expanding internationally to countries like the United States, France, and the United Kingdom [2]. - The income from operating a beef noodle shop is considered substantial in the local context, encouraging more individuals to enter the industry [2]. Group 3: Training Efficiency - The training program allows students to learn the complete set of skills required for beef noodle preparation in just one month, significantly reducing the time compared to traditional apprenticeship methods [2]. - The establishment of specialized training schools has attracted more individuals to learn the craft, addressing the demand for skilled noodle makers in the market [2].

Group 1 - The core viewpoint of the news is the launch of the "Skills Illuminate the Future" three-year action plan (2025-2027) by the Guangxi Human Resources and Social Security Department and the Finance Department, aimed at addressing structural employment issues and supporting the development of the modern industrial system in Guangxi [1] - The action plan will implement a four-in-one model of "job demand + skills training + skills evaluation + employment services" over the next three years, starting with a skills demand survey in 2025 and pilot training for 180,000 people in key areas such as artificial intelligence and advanced manufacturing [1][2] - By 2026, the plan will expand to new occupations and modern service industries, aiming to cultivate over 20 local training brands, and by 2027, it will cover key livelihood areas such as elderly care and rural employment [1][2] Group 2 - Key employment groups such as college graduates, rural laborers, and registered unemployed individuals will receive over 70% of the training quotas, benefiting from targeted employment skills training and entrepreneurship training [2] - The plan includes an annual investment of 40 million yuan for two years to support "order-based" talent cultivation in border and port industrial parks, with a 20% subsidy increase for emerging professions like artificial intelligence trainers [2][3] - A collaborative guarantee mechanism has been established, including employment subsidy funds and vocational training funds, with a segmented subsidy model of 600 yuan per person for qualification and an additional 200 yuan for stable employment after three months [3]

Core Insights - The company reported revenue, net profit attributable to shareholders, and adjusted net profit for H1 2025 at 2.186 billion, 403 million, and 416 million yuan respectively, showing year-on-year growth of 10.2%, 48.4%, and 49.5%, aligning with performance forecasts [1] - The improvement in performance for 2024 is attributed to cost and expense control, while H1 2025 shows accelerated revenue growth driven by improved enrollment, particularly in three-year programs which grew by 4.5% and one- to two-year programs which surged by 85% [1] - The company experienced a positive operating leverage effect with an adjusted net profit margin increase of 5 percentage points due to accelerated revenue growth [1] Business Performance - New Oriental's revenue and operating profit accounted for 45% and 60% respectively, with significant growth in the beauty industry and a turnaround from losses [1] - Revenue from various segments for H1 2025 includes: culinary arts (1.026 billion yuan, +11.2%), pastry and western cuisine (182 million yuan, +14.3%), IT and internet technology (367 million yuan, -3.0%), automotive services (493 million yuan, +9.7%), fashion and beauty (77 million yuan, +90.2%), and others (129 million yuan, +31.5%) [1] - Average training participants for different segments showed growth: culinary arts (62,000, +8.3%), pastry and western cuisine (5,500, +18.5%), IT and internet technology (37,000, -6.8%), automotive services (43,000, +6.3%), and fashion and beauty (6,000, +76.2%) [1] Enrollment and Employment - The total number of schools increased to 234, with a net addition of one school (+0.4%) [2] - New enrollment figures for various programs include: culinary arts (36,500, +5.2%), pastry and western cuisine (7,600, +0.7%), IT and internet technology (14,000, +6.4%), automotive services (21,500, +9.3%), and fashion and beauty (3,900, +34.1%) [2] - Employment rates improved across institutions, with New Oriental at 95.7%, Xinhua Computer at 94.0%, and others showing similar increases [2] Profitability and Cost Management - The company's gross margin for H1 2025 was 57.3%, an increase of 4.3 percentage points, driven by higher capacity utilization and reduced rental expenses [3] - The net profit margin attributable to shareholders rose to 18.4%, up 4.7 percentage points, with the increase primarily due to declines in sales, management, and financial expense ratios [3] - The company employed 10,365 people in H1 2025, a decrease of 2% year-on-year [3] Investment Outlook - Short-term expectations indicate strong autumn enrollment and continued performance exceeding forecasts due to cost control [3] - Mid-term projections suggest accelerated revenue growth based on the recovery of long-term enrollments, with culinary arts and automotive services maintaining rapid growth [3] - Long-term advantages include competitive employment outcomes and the ability to quickly adjust courses to market changes, with anticipated completion of regional center construction and technician college accreditation [3]

Core Viewpoint - The company has shown significant revenue growth in the first half of 2025, with a notable increase in net profit, indicating a strong performance and recovery in the training sector [1][2]. Group 1: Financial Performance - In 2025 H1, the company achieved revenue of 2.186 billion yuan, a year-on-year increase of 10.2%, marking a new high since its listing, with a significant acceleration compared to 1.6% in 2024 H1 [1]. - The net profit for 2025 H1 reached 403 million yuan, up 48.4%, nearing the upper limit of previous forecasts, while adjusted net profit was 416 million yuan, reflecting a growth of 49.6% [1]. - The adjusted net profit margin improved to 19.0%, an increase of 5.0 percentage points, and the gross profit margin was 57.3%, up 4.3 percentage points [2]. Group 2: Enrollment and Training Performance - The company reported a total enrollment of 84,000 students in 2025 H1, representing a 7% increase, with the fashion beauty sector leading in growth [2]. - Average training attendance was 153,000 students, up 6%, with the fashion beauty and western pastry sectors showing the highest average attendance [2]. - The average tuition fee per student increased to 28,000 yuan, a year-on-year rise of 4.3%, with a further expansion in price increase compared to 2024 [2]. Group 3: Operational Efficiency and Cost Management - The company has effectively controlled costs, with reductions in research, sales, and management expense ratios, leading to a significant release of profits [2]. - The company has added one new advanced vocational school, bringing the total to 234 schools, with a focus on enhancing educational offerings [3]. - The company anticipates further improvements in gross profit margins due to ongoing student growth and cautious expansion of new campuses [2].

Group 1: Company Performance - China Oriental Education reported a revenue of 2.186 billion yuan for 1H25, representing a year-on-year growth of 10.2% [1] - Adjusted net profit for 1H25 was 416 million yuan, showing a significant year-on-year increase of 49.5% [1] - The adjusted net profit margin reached 19%, an increase of 4.99 percentage points compared to the previous year [1] Group 2: Industry Trends - The vocational skills training sector is experiencing a recovery, with new training participants reaching 83,500 in 1H25, a year-on-year increase of 7.1% [2] - All five major skill training segments (cooking, automotive repair, computer, pastry, and beauty) saw year-on-year growth in new training participants, with the beauty segment leading at 34.1% [2] - The number of high school graduates is expected to rise, driven by an increase of 2.6 million graduates from 2021 to 2024, which will boost the vocational skills training market [2] Group 3: Strategic Initiatives - The company is focusing on developing new programs to capture the growing demand for vocational training among high school graduates, launching a 15-month training program that saw a participant increase of approximately 85.4% [3] - The company emphasizes its strengths in core vocational training areas, maintaining a focus on long-term training programs for junior high school graduates, which also saw a year-on-year increase of 4.5% in new participants [3] - The company is implementing refined management practices to enhance operational efficiency, resulting in a gross margin of 57.3%, up 4.3 percentage points from the previous year [4] Group 4: Financial Outlook - The company has raised its adjusted net profit forecasts for 2025 to 792 million yuan, 976 million yuan for 2026, and 1.211 billion yuan for 2027, reflecting an upward revision from previous estimates [4] - The target price has been adjusted to 12.56 HKD, up from 11.06 HKD, while maintaining a buy rating for the company [4]

Investment Rating - The investment rating for the company is maintained as "Buy" [2][8] Core Views - The company reported a revenue of 2.186 billion RMB for the first half of 2025, representing a year-on-year growth of 10.2%. The adjusted net profit reached 416 million RMB, up 49.5% year-on-year, with an adjusted net profit margin of 19%, an increase of 4.99 percentage points compared to the previous year [5][8] - The vocational training sector is experiencing a recovery, with new training participants reaching 83,500, a 7.1% increase year-on-year. All five major training segments (cooking, automotive repair, computer, pastry, and beauty) saw growth, with the beauty segment leading at 34.1% [6][8] - The company is strategically developing new programs to capture the increasing demand for vocational training among high school graduates, launching a 15-month training program that saw a participant increase of approximately 85.4% [7][8] - The company continues to implement refined management practices to enhance operational efficiency, achieving a gross margin of 57.3%, up 4.3 percentage points year-on-year, while marketing expenses decreased by 0.94 percentage points to 22.5% [8] Financial Data and Profit Forecast - The company forecasts revenue growth from 3.979 billion RMB in 2023 to 5.649 billion RMB in 2027, with a compound annual growth rate (CAGR) of approximately 13.87% [10][12] - The adjusted net profit is projected to increase from 281 million RMB in 2023 to 1.211 billion RMB in 2027, reflecting a significant growth trajectory [10][12] - The earnings per share (EPS) is expected to rise from 0.13 RMB in 2023 to 0.55 RMB in 2027, indicating strong profitability growth [10][12]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue and net profit for the first half of 2025 are projected to be 2.186 billion and 403 million CNY, respectively, showing year-on-year growth of 10.2% and 48.4% [2] - The improvement in the company's performance in 2024 is primarily attributed to cost and expense control, while the enrollment growth in 2025 is expected to accelerate revenue, particularly in the three-year program which grew by 4.5% and the one-to-two-year program which saw an impressive growth of 85% [2] - The company is expected to benefit from positive operating leverage, with adjusted net profit margin increasing by 5 percentage points [2] Summary by Sections Revenue and Enrollment - The company reported a significant increase in enrollment, with new registrations for the culinary technology and beauty sectors growing by 5.2% and 34.1%, respectively [4] - The total number of schools is 234, with a net increase of 1 school year-on-year [4] Financial Performance - The gross margin for the first half of 2025 is 57.3%, an increase of 4.3 percentage points year-on-year, driven by increased capacity utilization and reduced rental expenses [5] - The net profit margin for the first half of 2025 is 18.4%, reflecting a year-on-year increase of 4.7 percentage points, primarily due to a decrease in sales, management, and financial expense ratios [5] Future Outlook - Short-term expectations indicate strong autumn enrollment, with the potential for continued performance exceeding expectations throughout the year [7] - Mid-term projections suggest accelerated revenue growth in the coming years, particularly in culinary and automotive sectors, with ongoing improvements in profitability [7] - Long-term advantages include competitive employment outcomes and the ability to quickly adjust courses in response to market changes [7] Earnings Forecast - The company maintains revenue forecasts of 4.464 billion, 4.868 billion, and 5.390 billion CNY for 2025, 2026, and 2027, respectively [7] - The projected net profit for the same years is 801.94 million, 973.21 million, and 1.18293 billion CNY [7] - The earnings per share (EPS) forecast for 2025, 2026, and 2027 is 0.36, 0.44, and 0.54 CNY, respectively [7]

Core Points - The establishment of the Qingdao Licang District Public Training Base marks the first public training base in Qingdao and the first nationwide project supported by central budget funds for renovation and expansion [1] - The project was initiated on January 26, 2024, and successfully included in the National Development and Reform Commission's education initiative for public training base construction [1] - The total construction area of the base is 1,290 square meters, transforming an idle courtyard built in 1973, with completion and acceptance in June and trial operation starting in July [1] Summary by Categories Project Overview - The public training base integrates vocational education, skills training, and employment entrepreneurship into a comprehensive platform [1] - It features a "1+N" training platform system, where "1" represents the headquarters responsible for core teaching and management, and "N" includes various training venues across over 50 communities and enterprises in the district [1] Training System - The base has developed a "3+3 Craft Empowerment" training system, which includes three core training areas: baking, online live streaming and digital intelligence training, and life service training [1] - The three core centers consist of a skills training center, a skills competition center, and a technology exchange center [1] Events - On the same day, a vocational skills competition for Chinese pastry chefs was launched in Licang District [2]

Core Points - The Sichuan Provincial Human Resources and Social Security Department and the Finance Department have jointly issued the "Management Measures for Subsidized Vocational Skills Training" to enhance the performance of training subsidy fund usage [1][2] - Subsidized vocational skills training is defined as training conducted by qualified training institutions, focusing on national vocational skill standards and industry evaluation norms, with financial subsidies provided by the government [1] - The training is aimed at urban and rural laborers in Sichuan Province who are willing to train and have employment or entrepreneurial capabilities, primarily targeting enterprise employees and key employment groups [1] Summary by Sections Training Content and Objectives - The training content is designed to address urgent technical skill shortages in industries and livelihoods, including job skills training, employment skills training, and entrepreneurial training [2] - Participants who complete the training will receive vocational training subsidies, with a maximum of three subsidies per person for new training projects registered after May 1 of this year [2] Eligibility and Restrictions - There are no additional restrictive conditions based on the training participants' household registration, residence, insurance, or employment location [1] - Individuals participating in pension insurance for government agencies are not eligible for the subsidies [1] Financial Support and Limitations - Participants who pay for their training or have fees covered by training institutions can receive subsidies upon passing the initial vocational skill evaluation and obtaining relevant certificates [2] - Rural students and low-income urban students who complete training and obtain certificates will receive a living expense subsidy, limited to one per year for each laborer [2] - Individuals who have received high-level training subsidies for a specific occupation are not eligible for lower-level training subsidies, and those who have received vocational training subsidies cannot receive the same level of unemployment insurance skill enhancement subsidies [2]

Group 1 - The province has implemented the "Skills Liaoning Action" to enhance employment opportunities through targeted training in key industries such as equipment manufacturing, cultural tourism, and digital economy, with 511,000 training sessions conducted in the first half of the year [1] - The training model focuses on addressing the mismatch between job availability and workforce skills by promoting a project-based approach that combines job needs, skills training, skills evaluation, and employment services [1] - Financial support is provided to encourage participation in training programs, particularly for key groups such as migrant workers, veterans, unemployed youth, and older individuals facing difficulties [1] Group 2 - The province is focusing on developing high-skilled talent across four trillion-level industrial bases, 22 key industrial clusters, and 10 strategic emerging industries, with significant training initiatives for various levels of skilled workers [2] - In the first half of the year, 229 special technicians and 193 chief technicians were added, aiming to provide better development opportunities for skilled workers [2] - Plans for the second half of the year include establishing training bases and integrating skills training with advanced manufacturing, artificial intelligence, and modern services, targeting over 1 million training sessions and the addition of 160,000 skilled workers [2]