Group 1: Company Overview - 卓越教育集团 (03978.HK) is a comprehensive education company focused on K12 quality education in South China, having completed its K9 transformation post "double reduction" policy [8][10] - In 2024, the company achieved revenue of 1.102 billion RMB, representing a 125% increase, with business segments comprising 65% K9 quality education, 16% high school tutoring, and 19% full-time review [8][10] - The company adopts a strategy of deepening its presence in the South China market, particularly in Guangdong, with ongoing expansion in cities like Shenzhen and Foshan [8][10] Group 2: Market Dynamics - The K12 education market in Guangdong, Shenzhen, and Foshan is projected to reach 230 billion RMB, 230 billion RMB, and 110 billion RMB respectively by 2030, driven by a large consumer base [9] - Post "double reduction," the market has seen a consolidation of supply, with the top five players in Guangzhou and Shenzhen achieving market shares exceeding 10% [9] - The company benefits from a complete licensing system and local reputation, with a significant market share in Guangzhou [9] Group 3: Growth Drivers - The company has a high renewal rate of 91% for its classes, indicating strong product quality and customer retention, which is expected to support a growth rate of over 17% in the number of subjects per student in 2025 [9][10] - There remains substantial growth potential in surrounding districts of Guangzhou, with plans to open 78% more outlets based on current market density [9] - The introduction of programming courses aligns with the growing demand for AI education, potentially creating new revenue streams beyond existing offerings [9][10] Group 4: Investment Outlook - The K12 education sector continues to show strong demand, with the company positioned as a leading player in South China, benefiting from demographic trends and local market advantages [10] - The company emphasizes shareholder returns, having announced a three-year dividend plan to enhance investor confidence [10] - The valuation of the company has historically been at a discount, but with its strong local reputation and licensing advantages, there is potential for valuation recovery, with a target market capitalization of 5.37 to 5.73 billion HKD [10]

Core Viewpoint - The company reported strong financial performance in FY26Q1, with significant year-on-year growth in revenue and net profit, indicating robust demand and operational efficiency [3][6]. Group 1: Financial Performance - In FY26Q1, the company achieved revenue of $575 million, a year-on-year increase of 38.8% [3]. - The net profit attributable to shareholders was $31.28 million, reflecting a year-on-year growth of 174.4% [3]. - Non-GAAP net profit reached $42.05 million, up 42.0% year-on-year [3]. Group 2: Learning Services and Other - The offline small class courses remain the largest revenue contributor in the learning services segment, with stable profit margins [4]. - Enrollment in offline small class courses increased year-on-year, with a retention rate of approximately 80% [4]. - Deferred revenue at the end of FY26Q1 was $968 million, showing a year-on-year growth of 50.8%, indicating resilient demand [4]. Group 3: Content Solutions - Learning device revenue continued to grow in FY26Q1, although it saw a quarter-on-quarter decline due to seasonal factors [5]. - The average selling price of learning devices decreased, attributed to changes in product mix, with the launch of three new series [5]. - The overall weekly active rate for learning devices was around 80%, with an average daily usage time of 1 hour per device [5]. Group 4: Profitability Metrics - The company’s gross margin in FY26Q1 was 54.9%, an increase of 3.1 percentage points year-on-year [6]. - The selling expense ratio was 31.4%, up 1.9 percentage points, primarily due to increased online marketing investments [6]. - Non-GAAP operating profit margin was 4.4%, reflecting a year-on-year increase of 4.2 percentage points [6].

资金方面，8月4日主力资金净流出2557.60万元，近五日主力资金累计净流出919.53万元。 截至2025年8月4日15时，学大教育股价报54.92元，较前一交易日上涨1.18%。当日成交额2.85亿元，振 幅4.79%，换手率4.28%。 学大教育主营业务为教育培训服务，涵盖K12个性化辅导、职业教育等领域。2024年财报显示，公司 96.83%的收入来自教育培训服务费。 消息面上，学大教育公告显示，截至2025年7月31日，公司累计回购股份217万股，占总股本的1.78%， 回购金额1.11亿元，回购价格区间为48.50元至54.94元。2025年一季度，公司实现营收8.64亿元，归母净 利润7377万元。 风险提示：市场有风险，投资需谨慎。 ...

截至2025年8月4日15时25分，创业黑马股价报34.93元，较前一交易日上涨0.72元，涨幅2.10%。盘中最 高触及35.12元，最低下探33.65元，成交量为110989手，成交额达3.85亿元。 创业黑马所属板块包括教育、创投、在线教育等。公司主要为企业提供创业培训、企业加速服务及产业 资源对接等业务。 8月4日早盘，创业黑马股价快速反弹，5分钟内涨幅超过2%，成交额达6130.09万元。 资金方面，8月4日主力资金净流入1714.38万元，占流通市值比例为0.33%。近五个交易日主力资金累计 净流出2632.61万元，占流通市值比例为0.51%。 风险提示：股市有风险，投资需谨慎。 ...

Core Viewpoint - New Oriental (EDU.US) reported a strong performance in FY2025 Q4, with total net revenue reaching $1.24 billion, reflecting a year-over-year growth of 9.4% [1] Financial Performance - Total net revenue for FY2025 Q4 was $1.24 billion, up 9.4% year-over-year [1] - Excluding self-operated products and live e-commerce from Dongfang Zhenxuan, total revenue was $1.09 billion, showing an 18.7% year-over-year increase [1] Business Outlook - Dongwu Securities' latest report indicates that the company's core business is growing steadily, and operational efficiency is continuously improving [1] - The normalized shareholder return mechanism is expected to create long-term value for shareholders [1]

Investment Rating - The report maintains a "Buy" rating for New Oriental-S (09901.HK) [1][3] Core Insights - The company's core business profitability is improving, and a new shareholder return plan demonstrates confidence in future performance [1][3] - The report adjusts the Non-GAAP net profit forecasts for FY2026 and FY2027 down to $580 million and $630 million respectively, with an expectation of $690 million for FY2028 [3] - The current stock price corresponds to a PE ratio (Non-GAAP) of 12, 11, and 10 times for FY2026 to FY2028 [3] Financial Performance Summary - FY2025Q4 total net revenue reached $1.24 billion, a year-on-year increase of 9.4%, while excluding self-operated products and live e-commerce, total revenue was $1.09 billion, up 18.7% year-on-year [8] - The operating cash inflow for FY2025Q4 was $399 million, with capital expenditures of $65.9 million [8] - The company expects a 2% to 5% year-on-year growth in net revenue for FY26Q1 and a 5% to 10% growth for FY2026 [8] - The core business showed robust performance, with revenue from overseas exam preparation and consulting growing by 14.6% and 8.2% respectively, and domestic exam preparation for adults and college students increasing by approximately 17.0% [8] - Non-GAAP net profit for FY2025Q4 was $98.08 million, a year-on-year increase of 59.4%, indicating significant improvement in core education business profitability [8] Financial Forecasts - Total revenue projections for FY2024A to FY2028E are $4.314 billion, $4.900 billion, $5.372 billion, $5.854 billion, and $6.277 billion respectively, with year-on-year growth rates of 43.89%, 13.60%, 9.63%, 8.96%, and 7.24% [1][9] - The forecasted Non-GAAP net profits for FY2024A to FY2028E are $464 million, $517 million, $577 million, $632 million, and $685 million, with growth rates of 79.15%, 11.44%, 11.57%, 9.60%, and 8.38% respectively [1][9] - The report highlights a significant increase in operating profit for Non-GAAP, which is projected to reach $688.83 million by FY2028 [9]

Core Insights - New Oriental achieved net revenue of $1.243 billion in FY25Q4, a year-on-year increase of 9.4%, while net profit attributable to shareholders was $7.1 million, down 73.7% year-on-year [1] - The core education business remained stable, but revenue growth guidance for FY26Q1 has decreased [1][2] - The company expects FY26Q1 net revenue to be between $1.464 billion and $1.507 billion, representing a year-on-year growth of 2%-5% [2] Revenue Breakdown - Excluding revenue from self-operated products and live e-commerce, FY25Q4 net revenue was $1.0885 billion, up 18.7% year-on-year, surpassing previous guidance [1] - Revenue from overseas exam preparation increased by 14.6%, while overseas consulting revenue rose by 8.2% in FY25Q4 [1] - Domestic exam preparation for adults and college students saw a year-on-year revenue increase of 17.0% in FY25Q4 [1] New Business Developments - Revenue from new educational services grew by 32.5% year-on-year in FY25Q4, with approximately 918,000 registrations and 255,000 active paying users for smart learning systems [2] - The number of operational outlets exceeded 1,300 by the end of FY25Q4, with expansion plans on track [2] Profitability and Margin Analysis - FY25Q4 operating profit margin was -0.7%, down from 0.9% in the same period last year, primarily due to a one-time goodwill impairment of $60.3 million in the kindergarten business [3] - Non-GAAP operating profit margin for FY25Q4 was 6.6%, an increase of 3.3 percentage points year-on-year [3] - The company anticipates that despite challenges in FY26Q1, profitability may still see year-on-year growth due to the turnaround of the live e-commerce segment and ongoing cost reduction efforts [3] Future Outlook - The company has announced a three-year shareholder return plan, intending to return 50% of the previous fiscal year's net profit to shareholders through dividends or buybacks [2] - Profit forecasts for FY26 and FY27 have been adjusted downwards to $481 million and $559 million, respectively, reflecting a conservative outlook due to macroeconomic pressures [3]

Core Viewpoint - New Oriental's FY25Q4 net revenue reached $1.243 billion, a year-on-year increase of 9.4%, while the net profit attributable to shareholders was $7.1 million, a decrease of 73.7% [4] Group 1: Financial Performance - FY25Q4 core education business maintained stability with net revenue (excluding self-operated products and live e-commerce) at $1.0885 billion, up 18.7% year-on-year, exceeding previous guidance [5] - The company expects FY26Q1 overall net revenue to be between $1.464 billion and $1.507 billion, representing a year-on-year growth of 2%-5% [6] - FY25Q4 operating profit margin was -0.7%, down from 0.9% in the same period last year, primarily due to a one-time goodwill impairment of $60.3 million in the kindergarten business [7] Group 2: Business Segments - In FY25Q4, the overseas examination preparation business revenue grew by 14.6%, and the overseas consulting business revenue increased by 8.2% [5] - The new education business saw a revenue increase of 32.5% year-on-year, with approximately 918,000 registrations and 255,000 active paying users for smart learning systems [5] - The company announced a three-year shareholder return plan, intending to return 50% of the previous fiscal year's net profit to shareholders through dividends or buybacks [6] Group 3: Future Outlook - Despite a significant slowdown in revenue growth for the overseas business and increased competition, the profitability from the Oriental Selection is expected to positively contribute to overall earnings [8] - The company aims to improve overall profit margins in FY26Q1 through cost reduction and efficiency enhancement measures [8]

Core Viewpoint - The financial report for Q1 of fiscal year 2026 from TAL Education shows significant growth in revenue and net profit, driven by the expansion of learning services and AI-driven smart hardware business [1]. Financial Performance - Q1 net revenue increased from $414 million in the same period last year to $575 million, representing a year-over-year growth of 38.8% [1]. - Operating profit reached $14.35 million, compared to an operating loss of $17.33 million in the previous year [1]. - Non-GAAP operating profit (excluding stock-based compensation) was $25.11 million, up from $876,000 year-over-year [1]. - Net profit attributable to TAL Education was $31.28 million, a 174.4% increase from $11.40 million in the same period last year [1]. - Non-GAAP net profit (excluding stock-based compensation) was $42.05 million, compared to $29.61 million in the previous year [1]. Cash Position - As of May 31, 2025, the total balance of cash, cash equivalents, and short-term investments was $3.473 billion, down from $3.618 billion as of February 28, 2025 [1]. Strategic Focus - The company’s president and CFO, Peng Zhuangzhuang, indicated that the revenue growth was primarily due to the steady growth of learning services and AI-driven smart hardware [1]. - The company plans to continue innovating in the K-12 learning sector by leveraging advancements in artificial intelligence and technology [1].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported Q1 FY2026 revenue of $575 million, a year-over-year increase of 38.8%, slightly below Bloomberg consensus estimates of $579 million. Non-GAAP operating profit was $25 million, exceeding expectations of $12 million, while Non-GAAP net profit attributable to shareholders was $42 million, surpassing the forecast of $31 million [2]. - The tutoring and online school segments are driving stable growth in learning service revenue, with a healthy class renewal rate of approximately 80%. However, growth is expected to gradually slow due to market saturation and a balanced supply-demand dynamic in the tutoring sector [3]. - The learning machine business is still in the investment phase, with sales growth reported at 70% year-over-year, totaling approximately 190,000 units sold. Despite a decrease in average selling price due to new product launches, the company is expanding its market penetration [3]. - The company achieved a significant improvement in profitability, with an operating profit margin of 2.5%, up 6.7 percentage points year-over-year. Gross margin was reported at 54.9%, reflecting operational efficiency and changes in business structure [4]. - The company has been aggressive in share buybacks, repurchasing $477 million worth of shares, which is about 12% of total trading volume during the period. A new buyback plan was approved for up to $600 million over the next 12 months [4]. Summary by Sections Performance Review - Q1 FY2026 revenue was $575 million, up 38.8% year-over-year, slightly below expectations. Non-GAAP operating profit was $25 million, and Non-GAAP net profit was $42 million, both exceeding forecasts [2]. Operational Analysis - The tutoring business is experiencing stable growth, with a class renewal rate of around 80%. The online school segment saw over 100% year-over-year growth in monthly active users [3]. - The learning machine segment reported a 70% increase in sales, with total sales revenue of approximately $8 million, despite a decrease in average selling price [3]. Profitability and Buyback - The company reported an operating profit margin of 2.5%, with a gross margin of 54.9%. The company has been active in share buybacks, repurchasing $477 million worth of shares [4]. Earnings Forecast and Valuation - The forecast for Non-GAAP net profit for FY2026 to FY2028 is $214 million, $330 million, and $462 million, respectively, with adjusted PE ratios of 31, 20, and 15 times [5].