Core Insights - Morgan Stanley projects New Oriental (EDU.US, 09901) to achieve a 13% year-over-year growth in core revenue (in USD) for Q4 2025, with core operating profit margin (OPM) expected to increase by over 1 percentage point, aligning with management guidance [1] - The upcoming shareholder return plan may act as a short-term catalyst, with a target price set at $48, corresponding to a non-GAAP P/E ratio of 16 times for the fiscal year 2026, reflecting a reasonable valuation considering a 15% compound annual growth rate (CAGR) in earnings from 2026 to 2029 [1] Q4 2025 Outlook - Management maintains guidance for core revenue growth of 13% year-over-year in USD, or 15% in RMB, with overseas revenue up 8%, domestic preparatory training revenue up 9%, high school business revenue up 16-17%, and new business revenue up 32-35% [1] - Core operating profit margin is expected to increase by over 1 percentage point due to low base effects and cost control measures [1] FY 2026 Outlook - Management reiterates guidance for core revenue growth of 14-15% year-over-year in RMB, with overseas revenue projected to grow 0-5%, domestic preparatory training revenue up 10%, high school business revenue up 11-13%, new business revenue up 25-30%, and tourism business revenue up 15-20% [2] - Total revenue is forecasted to grow by 12%, with core operating profit margin expected to expand due to strict cost control [2] - Non-GAAP operating profit is projected at $581 million (operating margin of 10.7%) and non-GAAP net profit at $509 million (net margin of 9.3%) [2] Shareholder Return Expectations - It is anticipated that New Oriental will announce a regular shareholder return plan no later than the performance report for Q4 2025, with flexibility between cash dividends and stock buybacks [2] AI One-on-One Teaching Application - Revenue from the AI one-on-one teaching application will be included in the "Smart Books" category of K9 new business, set to launch on July 2 in New Oriental's live store, with pricing yet to be announced [2]

6月26日，北京商报记者从北京市科委获悉，暑假将至，为全面落实国家和本市"双减"政策，保障家长 和孩子合法权益，现向广大家长发出温馨提示，请审慎选择科技类校外培训机构，确认该机构是否持有 教育行政部门颁发的《办学许可证》和市场监管部门颁发的《营业执照》。报名缴费前，请参照《北京 市科技类校外培训服务合同（示范文本）（试行）》与培训机构签订规范的培训合同。 【4】学大教育53.49万股解除限售 【1】中克续签教育合作计划 6月26日，据新华社消息，中国驻克罗地亚大使齐前进6月25日与克罗地亚科学、教育和青年部部长拉多 万·富奇斯签署《中华人民共和国教育部与克罗地亚共和国科学、教育和青年部2025—2029年教育合作 计划》。该计划是此前双方签署的2018—2022年教育合作计划的延续和拓展。根据新的教育合作计划， 双方将增加在高教科研、基础教育、职业教育等领域的双边合作，以及双方在国际组织等平台的多边合 作。 6月26日，学大教育发布公告，学大教育2023年限制性股票激励计划预留授予第一个解除限售期的解除 限售条件已成就，根据公司2022年度股东大会授权，学大教育按照本激励计划的相关规定办理了激励计 划预留授予 ...

Group 1 - Beijing's 2025 college admission minimum control scores have been announced, with the ordinary undergraduate score set at 430 points and special type admissions at 519 points [1] - The distribution of scores for the 2025 college entrance examination in Beijing shows that 113 students scored above 698 points, while 11,883 students scored above 600 points [2] - A technology company in Beijing is under investigation for illegal advertising related to "college volunteer planning teacher" fast-track training, misleading potential students about job prospects [3] Group 2 - BOSS Zhipin plans to raise approximately HKD 22.613 billion through an IPO in Hong Kong, offering up to 30 million new shares at a price range of HKD 78 per share [4] - Sheng Tong Co. announced the cancellation of repurchased shares, reducing its registered capital from 538 million yuan to 533 million yuan, following the expiration of unused repurchased shares [5] - Keda Xunfei has updated its AI learning machine with three core functions and introduced a new self-developed curriculum system, enhancing its educational offerings [6] - New Oriental has established a new intelligent technology company, focusing on AI application software development and educational consulting services [7]

Group 1 - The core viewpoint indicates that New Oriental's revenue for Q4 FY25 is expected to be $1.186 billion, representing a year-on-year growth of 4.4% [1] - The education business, including cultural tourism, is projected to generate $1.034 billion in revenue, with a year-on-year increase of 13.3% [1] - Other businesses, primarily Oriental Selection, are expected to see revenue decline to $152 million, a decrease of 32.1% year-on-year [1] Group 2 - The study anticipates that the overseas examination training and consulting business will generate $298 million in revenue for Q4 FY25, reflecting a year-on-year growth of 5%, but a slowdown compared to previous periods [1] - The company is adjusting its high-end one-on-one training model to a one-to-many format to lower class prices and is expanding its youth overseas examination training services to enhance growth resilience [1] Group 3 - New business revenue, including K9 competency training and learning machine services, is expected to grow by 34% year-on-year to $311 million in Q4 [2] - The number of teaching outlets is projected to increase to 1,251, a year-on-year growth of 22%, indicating sustained expansion [2] - The company is implementing cost control measures and operational efficiency improvements, leading to an expected Non-GAAP operating profit margin expansion to 3% in Q4 [2] Group 4 - The revenue forecast for FY25-FY27 has been slightly adjusted downwards to $4.84 billion, $5.8 billion, and $7.03 billion, respectively, due to slower growth in the overseas study business [3] - Non-GAAP net profit estimates for FY25-FY27 have been revised upwards to $467 million, $575 million, and $710 million, respectively, reflecting improved cost control [3] - The DCF target price has been raised to $76.3, corresponding to a PE ratio of 17.1 for FY25 [3]

■择远 提振和扩大消费再迎重磅政策支持。近日，中国人民银行、国家发展改革委、财政部、商务部、金融监管总局、中国证监 会等六部门联合印发《关于金融支持提振和扩大消费的指导意见》（简称《意见》），从六个方面提出19项重点举措。 消费作为最终需求，带动了生产和投资，也连接着供给和需求，是经济增长的重要引擎。大力提振消费，既是当前扩内 需、稳增长的重要抓手，也是应对外部环境变化、畅通国内大循环、提升居民生活品质的关键。《意见》明确了当前金融支持 消费增长的方向和重点：聚焦商品消费、服务消费和新型消费三大重点领域，通过信贷、债券、股权融资等"组合拳"，为释放 消费增长潜能、更好发挥消费对经济发展的基础性作用提供全方位的金融支持。 这体现了金融支持消费的"精准滴灌"。比如，在"支持发展服务消费"方面，《意见》提出，"围绕文化旅游、体育、娱乐、 教育培训、居住服务等领域创新融资模式，在依法合规、风险可控前提下结合产业发展周期适当延长贷款期限，积极开展应收 账款、知识产权等质押融资业务，促进激发改善型服务消费活力"。 在笔者看来，随着这些"金"举措持续、精准发力，将有效激发消费潜力的释放，有助于形成"金融赋能消费、消费拉动增 ...

新华社北京6月25日电（记者阳娜）2025年高考落下帷幕，高校招生工作即将开启，志愿填报成为 考生和家长关注的焦点。部分不法机构盯上这一"商机"，打起"高考志愿规划师"速成培训的主意。北京 市市场监管局25日发布消息称，北京某科技发展有限公司因涉嫌发布"高考志愿规划师"速成培训违法广 告被立案调查。 以上负责人提醒广大考生及家长，教育部已上线"阳光志愿"信息服务系统，提供免费志愿填报公共 服务，不要迷信"天价"志愿填报咨询服务，只有结合自身实际，才能做出最科学的选择。同时提醒有就 业需求的群体，"高考志愿规划师"未被纳入人力资源和社会保障部公布的职业目录，没有相应的职业资 格证书，请勿轻信个别机构所谓的"证书权威""国家认可"等广告宣传内容。 据了解，高校报名招生期间，北京市市场监管部门将与教育、人力资源和社会保障、公安等部门密 切协作，依法从严从快查处相关违法行为，切实维护广大考生和家长的合法权益。 经调查，该机构在抖音、小红书等平台发布广告，以"轻松入行""0基础""无专业限制"等商业宣传 用语为噱头，通过渲染工作地点灵活、接单变现增收、就业前景广阔等优点，吸引学员购买相应课程培 训包，开展所谓"高考志愿 ...

恒指涨幅扩大至1%，新东方(09901.HK)、中芯国际(00981.HK)领涨成分股，恒生科技指数现涨1.5%。 ...

Core Viewpoint - The People's Bank of China and five other departments have issued guidelines to enhance financial support for consumption growth, aiming to build a multi-level financial service system to stimulate high-quality consumption and unleash consumer potential [1][2]. Group 1: Financial Support for Consumption - The guidelines emphasize the importance of boosting consumption as a key driver for domestic demand and economic stability, aligning with the central government's focus on expanding domestic demand [1][2]. - The document outlines 19 key measures across six areas, including enhancing consumer capacity, expanding financial supply, and tapping into consumer potential [1][2]. Group 2: Focus Areas for Consumption - The guidelines identify key areas for financial support, including goods consumption, service consumption, and new types of consumption, consistent with previous action plans [2][3]. - Goods consumption is currently robust, with durable goods spending reaching levels comparable to the U.S., while service consumption remains underdeveloped, accounting for only 18% of GDP compared to over 40% in developed countries [2][3]. Group 3: Service Consumption Development - Increased financing support will be directed towards sectors such as wholesale and retail, catering, and elder care to unlock basic service consumption potential [3]. - The People's Bank of China has allocated 500 billion yuan for service consumption and elderly care loans, encouraging financial institutions to enhance support for sectors like hospitality, entertainment, and education [3][4]. Group 4: New Consumption Models - The guidelines promote financial support for digital, green, and health-related consumption, encouraging innovation in financial products tailored to new consumption trends [3][4]. - Financial institutions are urged to collaborate with merchants to develop suitable financial products and services that cater to the characteristics of new consumption [3][4]. Group 5: Market Opportunities - The evolving market environment presents structural opportunities for consumer finance, with potential market expansion and optimization of market dynamics [4]. - Financial institutions are encouraged to adapt to market changes and leverage their strengths to pursue differentiated development strategies [4].

Group 1 - The core viewpoint of the articles emphasizes the importance of enhancing consumer capacity and supporting service consumption through financial measures [1][2][3] - The People's Bank of China has established a 500 billion yuan service consumption and elderly re-loan to encourage financial institutions to increase support for service consumption sectors [1] - The articles highlight the need for financial innovation to support new consumption models such as digital, green, and health consumption [1][2] Group 2 - The articles outline three important directions for financial support to boost and expand consumption: enhancing consumer capacity, improving supply efficiency, and strengthening basic financial services [2][3] - The focus on increasing household disposable income is seen as crucial for stimulating consumer potential and confidence [3] - The articles discuss the necessity of improving consumption infrastructure, including logistics and supply chain efficiency, to facilitate market expansion and quality [3]

Core Viewpoint - The company has announced the achievement of conditions for the second unlock period of its 2023 restricted stock incentive plan, allowing 378 eligible participants to unlock a total of 1,207,200 shares, representing 0.99% of the company's total share capital [1][7]. Group 1: Incentive Plan Details - The incentive plan allows for the unlocking of restricted stocks after meeting specific conditions, which have now been fulfilled [6][11]. - The second unlock period is defined as the period from the first grant registration completion date plus 24 months to the last trading day within 36 months from that date [5][6]. - The total number of participants in the incentive plan was adjusted to 412, with 378 remaining eligible after accounting for those who left the company [8][9]. Group 2: Performance Conditions - The performance conditions for unlocking the restricted stocks include achieving a net profit of no less than 130 million yuan over the specified period [6]. - The actual net profit achieved by the company during the relevant period was reported as 392,835,689.49 yuan, thus meeting the performance criteria [6][7]. Group 3: Compliance and Approval - The board of directors and the supervisory board have approved the necessary resolutions for the unlocking of the restricted stocks, confirming compliance with relevant regulations [10][11]. - Legal and independent financial advisors have concluded that all necessary procedures and disclosures have been fulfilled for the unlocking of the restricted stocks [11][12].