Event Overview - In 2024, the company's revenue, net profit attributable to shareholders, net profit excluding non-recurring items, and operating cash flow were 2.786 billion, 180 million, 164 million, and 667 million yuan, respectively, representing year-on-year growth of 25.90%, 16.84%, 16.25%, and 9.77% [1] - In Q4 2024, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 539 million, 5 million, and 3 million yuan, with year-on-year growth of 28.6%, -89.2%, and -88.2%, indicating a slight profit in the second half of the year despite rapid revenue recovery in Q4 [1] - The increase in operating cash flow was primarily due to an increase in advance payments for educational training services [1] Financial Performance - In Q1 2025, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 864 million, 74 million, and 59 million yuan, with year-on-year growth of 22.5%, 47.0%, and 27.9% [1] - The significant growth in net profit was mainly attributed to investment income from recovering previously impaired equity and a decrease in expense ratios [1] Business Segmentation - The education training, housing rental, equipment rental, and other income segments generated 2.7 billion, 1 million, 4 million, and 840 million yuan, with year-on-year growth of 25.64%, -91.67%, -20.00%, and 54.90% respectively [3] - The company has over 300 personalized learning centers and 30+ full-time training bases as of the end of 2024, with revenue from Beijing Xueda Information reaching 2.759 billion yuan, a year-on-year increase of 25.5% [3] - The company has made significant acquisitions in vocational education and established deep collaborations with various vocational colleges and industry leaders [3] Profitability Analysis - The company's gross margin for 2024 was 34.6%, a year-on-year decrease of 1.9 percentage points, primarily due to increased teacher costs and lower capacity utilization from school expansions [4] - In Q4 2024, the gross margin dropped to 32.8%, a year-on-year decline of 12.6 percentage points, with a net profit margin of 0.7% [4] - In Q1 2025, the gross margin was 32.0%, a year-on-year decrease of 0.4 percentage points, while the net profit margin improved to 8.5% [5] Cash Flow and Liabilities - As of Q1 2025, the company's contract liabilities amounted to 1.139 billion yuan, a year-on-year increase of 13.9%, primarily due to increased advance payments in the education training business [6] Investment Outlook - Short-term profitability may be impacted by intensified competition and expansion costs, but long-term growth is expected in personalized training and high-margin full-time education services [7] - The company has adjusted its revenue forecasts for 2025-2026 to 3.382 billion and 4.035 billion yuan, respectively, while lowering net profit forecasts to 255 million and 364 million yuan [7] - The projected earnings per share for 2025-2027 are adjusted to 2.09, 2.99, and 3.84 yuan, with a maintained "buy" rating based on the closing price of 54.2 yuan on April 25, 2025 [7]

点击注册小程序 查看完整报告 特别申明： 内容解决方案：FY25Q4学习设备收入环比正常回落，同比持续增长 FY25Q4学习设备收入同比增长，但环比有所下降，属于"双十一"电商节销售高峰后的正常回落。根据久 谦电商数据（天猫+京东+抖音），我们估计FY25Q4线上主要渠道学而思学习机产品销量接近24万台，同 比+123%；销售额超10亿元，销售额同比+72%。FY25Q4学习设备整体用户群体的周平均活跃率约为 80%，每台设备的日均使用时长为 1 小时。 利润低于预期，销售费用率提升明显 FY25Q4利润低于预期， Non-GAAP归母净利润7012万美元，同比-85.4%。FY25Q4公司毛利率52.0%，同 比-0.9pcts；销售费用率35.7%，同比+6.4pcts，系为提升线上渠道渗透率和产品知名度而加大费用投入； 管理费用率19.4%，同比-7.9pcts，主要系公司FY25Q4分配至管理费用的基于股份的薪酬费用总额同比下 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用 ...

以下是新东方 FY25 Q1 的财报电话会纪要，财报解读请移步《 新东方：才出 "分手坑" 又挨 "关税锤"，素培能撑家底吗？ 》 一、财报核心信息回顾 | | | | | | New Oriental(EDU.N) FY3Q25 Financial Performance | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | USD 100 millions | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 1025 | 2025 | 3025 | 4025 | Consensus | A vs Cons | | Total revenues | 11.00 | 8.70 | 12.07 | 11.37 | 14.35 | 10.39 | 11.83 | | 12.36 | -4.26% miss | | Yor | 47.796 | 36.3% | 60. 7% | 32.1% | 30.5% | 19.4% | -2.0% | | 24% | | | Core education re ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 2.79 billion yuan in 2024, representing a year-on-year increase of 25.9%, and a net profit attributable to shareholders of 180 million yuan, up 16.8% year-on-year [2] - In Q1 2025, the company reported a revenue of 860 million yuan, a year-on-year increase of 22.5%, and a net profit attributable to shareholders of 73.77 million yuan, up 47.0% year-on-year [2] - The company is entering a rapid expansion phase, with the number of personalized learning centers increasing from over 240 to over 300 in the second half of 2024, marking a 25% expansion [3] - The company’s net profit forecast for 2025-2027 has been adjusted to 252 million yuan, 304 million yuan, and 363 million yuan respectively, with current valuations at 26x, 22x, and 18x [3] Financial Performance Summary - Total revenue is projected to grow from 2.21 billion yuan in 2023 to 4.93 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 19.2% [4] - The net profit attributable to shareholders is expected to increase significantly from 154 million yuan in 2023 to 363 million yuan in 2027, reflecting a growth rate of 19.5% [4] - The gross margin is projected to decline from 36.5% in 2023 to 32.1% in 2027, indicating a potential impact from the expansion phase [4] Financial Ratios - The return on equity (ROE) is expected to decrease from 25.5% in 2023 to 21.6% in 2027 [4] - The earnings per share (EPS) is projected to rise from 1.26 yuan in 2023 to 2.98 yuan in 2027 [4] - The price-to-earnings (P/E) ratio is expected to decrease from 42.95 in 2023 to 18.19 in 2027, indicating a potential increase in valuation attractiveness over time [4]

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 1.5191 | 1.3059 | 16.33 | 0.1150 | | 每股净资产（元） | 6.71 | 4.95 | 35.56 | 3.7 | | 每股公积金(元) | 8 | 7.62 | 4.99 | 7.29 | | 每股未分配利润(元) | -1.70 | -3.18 | 46.54 | -4.62 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 27.86 | 22.13 | 25.89 | 17.98 | | 净利润(亿元) | 1.8 | 1.54 | 16.88 | 0.14 | | 净资产收益率(%) | 25.96 | 29.95 | -13.32 | 2.53 | 数据四舍五入，查看更多财务数据>> 三、分红送配方案情况 不分配不转增 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 5555.34万股 ...

21世纪经济报道记者王峰 北京报道 4月24日，好未来（NYSE：TAL）发布截至2025年2月28日的2025财年第 四季度和全年未经审计财务报告。 4月24日晚的财报会上披露，本季度好未来学习机业务收入环比下降，这主要是因为上个季度开展了"双 11"电商大促，学习机营收大涨，到本季度发生自然波动。 洛图科技数据显示，2025年第一季度，中国学习平板市场的全渠道销量为126.5万台，同比上涨29.4%，销额 为40.2亿元，同比上涨15.8%。好未来旗下的学而思学习机的销量份额超过13%，依然是市场中的绝对头 部。 营收略低于预期并不要紧，因为好未来的两项主营业务——线下素养小班课和学习机的市场增长空间仍被长 期看好。 也就是说，虽然略显疲态，但好未来的长期增长不成问题。只不过，本季度好未来出现了一定的效率下降。 本季度，好未来的毛利率为51%，去年同期为52.9%。毛利率下降的主要原因是成本增幅超过营收增幅。本 季度，好未来营收成本为2.9亿美元，同比增加44.7%，超过了营收42.1%的增幅。 本季度，好未来营收6.1亿美元，同比增长42.1%，但未达此前市场预估的6.323亿美元营收预期。2025财年 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The core education business shows steady revenue growth, while the overseas and cultural tourism businesses are dragging down profits [1] - For FY25Q3, the company achieved net revenue of $1.183 billion, a year-on-year decrease of 2.0%, and a net profit attributable to shareholders of $87 million, a year-on-year increase of 0.1% [5][6] Revenue Performance - FY25Q3 net revenue (excluding revenue from self-operated products and live e-commerce) was $1.038 billion, representing a year-on-year growth of 21.2%, aligning with previous guidance [6] - Breakdown of revenue sources includes: - Overseas exam preparation business: revenue grew by 7.1% - Overseas consulting business: revenue grew by 21.4% - Domestic exam preparation for adults and university students: revenue grew by 17.0% - New education business: revenue grew by 34.5% [6] Profitability Analysis - FY25Q3 operating profit margin was 10.5%, up from 9.4% in the same period last year; Non-GAAP operating profit margin was 12.0%, compared to 11.8% [8] - The report anticipates that the core education business's Non-GAAP operating profit margin will improve year-on-year in FY25Q4, despite pressures from the overseas high-end one-on-one business and cultural tourism [8] Future Outlook - The company expects FY25Q4 net revenue (excluding self-operated products and live e-commerce) to be between $1.009 billion and $1.037 billion, representing a year-on-year growth of 10%-13% [7] - The revenue growth rate is expected to slow down due to increased base effects and macroeconomic uncertainties [7] Financial Forecasts - The company has adjusted its net profit forecasts for FY2025-2027 to $406 million, $536 million, and $679 million, respectively, reflecting a conservative outlook [9] - Corresponding EPS for FY2025-2027 is projected to be $0.25, $0.33, and $0.42, with current stock price corresponding to P/E ratios of 19x, 14x, and 11x [9]

Group 1 - Goldman Sachs maintains a "Buy" rating on New Oriental-S (09901) and raises the target price to HKD 42 based on the sum-of-the-parts valuation method [1] - The firm expects investor confidence to gradually improve if the company achieves its profit margin expansion guidance for the May quarter, with the valuation multiple for New Oriental's core business projected to increase from the current 1x 12-month forward P/E [1] - Management emphasized cost control and operational efficiency during the February quarter earnings call, leading to an upward revision of non-GAAP operating profit expectations for FY25-27 by 7-14% [1] Group 2 - New Oriental's February quarter revenue and EPS fell short of expectations primarily due to a significant decline in revenue from Dongfang Zhenxuan (01797), which dropped by 59% year-on-year [2] - The firm has lowered its FY25 expectations for Dongfang Zhenxuan and adjusted the target price based on P/E to HKD 7.8 from HKD 8.2, but anticipates that Dongfang Zhenxuan will start contributing positively to group profits from the August quarter [2]

某辅导员工猝死在公司的新闻上热搜了 ，昨天我们推文底下有个神奇的留言，洋洋洒洒小一百字，我没截图 留存，大意是吐槽死者加不了班就别干这一行，透着一股恶意。后来他自己删，大概率是被其他怼删了吧。 某辅导的加班情况到底如何？真的还和两年前媒体报道的那样么？ 小程程今天早上又刷到某辅导的 3 位前员工 + 1 位在职员工的实际分享，一起来看看。 前员工坦白，某辅导真的对人伤害很大 我是 20 年刚毕业就进入到的长沙某辅导，那个时候线上教育还是风口，说什么缩短城乡教育的差距，然后在 里面当短期班的班主任，说白了就是销售。现在回想起来真的恶心想吐。 1. 长时间上班 + 作息混乱 当时刚毕业什么都不懂，看上班时间是上午 10 点到晚上 9 点？记不太清了，但是反正实际上班都是 9 点左右 到晚上 12-1 点，企业车补都不够用。那个时候是要带 2 个短期班还是 3 个，续报期一起来两周没有休息是很 正常的。 有时候万一很倒霉的带早班和晚班一起，早上 7 点就要到公司，因为那个时候学生要上课了。说什么中午三 四个小时可以自由安排时间休息，也只能在公司睡觉还没地方，然后也要上到晚上。碰上续报期就是早 7 - 晚 1 点。 ...

某辅导员工猝死在公司的新闻上热搜了 ，昨天我们推文底下有个神奇的留言，洋洋洒洒小一百字，我没截图 留存，大意是吐槽死者加不了班就别干这一行，透着一股恶意。后来他自己删，大概率是被其他怼删了吧。 某辅导的加班情况到底如何？真的还和两年前媒体报道的那样么？ 小程程今天早上又刷到某辅导的 3 位前员工 + 1 位在职员工的实际分享，一起来看看。 前员工坦白，某辅导真的对人伤害很大 我是 20 年刚毕业就进入到的长沙某辅导，那个时候线上教育还是风口，说什么缩短城乡教育的差距，然后在 里面当短期班的班主任，说白了就是销售。现在回想起来真的恶心想吐。 1. 长时间上班 + 作息混乱 当时刚毕业什么都不懂，看上班时间是上午 10 点到晚上 9 点？记不太清了，但是反正实际上班都是 9 点左右 到晚上 12-1 点，企业车补都不够用。那个时候是要带 2 个短期班还是 3 个，续报期一起来两周没有休息是很 正常的。 有时候万一很倒霉的带早班和晚班一起，早上 7 点就要到公司，因为那个时候学生要上课了。说什么中午三 四个小时可以自由安排时间休息，也只能在公司睡觉还没地方，然后也要上到晚上。碰上续报期就是早 7 - 晚 1 点。 ...