Group 1: Education Sector Developments - Eight universities in Beijing have released enrollment guidelines for the "Strong Foundation Program," focusing on emerging technology majors such as robotics engineering and artificial intelligence [1] - Changping District in Beijing has published a "white list" of 25 approved off-campus training institutions, including several local schools [2] - Wuhan University has added eight new undergraduate programs, including space-time information engineering and digital economy, while discontinuing outdated programs [3] Group 2: Financial Performance of Education Companies - TAL Education reported a net revenue of $2.25 billion for the fiscal year 2025, with a net profit of $84.59 million, marking a turnaround from a net loss of $3.57 million in the previous year [4] - Kevin Education achieved a revenue of $320 million for the fiscal year 2024, a 25.92% increase year-on-year, but reported a net loss of $3.69 million, reducing losses by 25.66% compared to the previous year [5] - Bojun Education's mid-term results for fiscal year 2025 showed revenues of $207 million, a 25.2% decline, and a net loss of $653.9 thousand, reversing from profit to loss [6]

"大道无形我有型"。这是段永平的网名。大多数人对他的认知一般还停留在： 步步高、OPPO、vivo的"幕后老板"，中国第一位拍下巴菲特午餐的企业家，拼多多创始人黄峥的"导师"。 而他堪称辉煌的投资战绩却鲜少有人提及，2002年，40岁的段永平退居幕后，"主业"带孩子、打高尔夫，副业"玩投资"。 结果，这位"企业家中的异类"动辄"玩出"100倍以上的投资回报，包括重仓苹果、茅台、腾讯、网易、拼多多，等等。 成功一次、两次、三次、甚至十次，可能都有运气成分，但持续成功、把失败控制在可控范围内的段永平，一定是在"大道"的层面上看对了什么、做对了 什么。 -1- 该出手时就出手 "妙手就是本手，其实本无妙手。"针对2022年全国卷高考作文题目，段永平评论道。 这或许也是他的投资生涯最生动的注解。 2021年末中概股多只股票创出低点。在此形势下，段永平出手扫货拼多多和新东方股票。 2021年12月6日，段永平称，拼多多对农产品的支持非常有意义，所以要"再次风投一下（卖点put）"，并附上7000张拼多多看跌期权的交割单，包含了70 万股拼多多股票，潜在交易金额约为3500万美元。 两天后的12月8日，段永平以相同方式卖 ...

新东方高管还谈到了AI。本季度新东方已经投资2970万美元用于改进和维护OMO教学系统，新东方利 用开源的大语言模型组合以及自研的AI技术来开发创新教育解决方案，"例如学习系列人工智能动力工 具，如论文评分、口语、评估和错误纠正，提供智能评估和定制的学习计划，提高学生成绩同时为教师 节省时间，进一步跟踪内部效率，我们推出了人工智能内容创建平台、学生表现反馈应用程序，以支持 课程计划，加强家校沟通。这些工具还使我们能够收集有关学习习惯和用户参与的有意义的数据。此 外，我们还建立了一个支持AI的综合常见问题知识库，并提供了另一个解决对话。" 有分析师提问，关税是否会导致下个季度的留学咨询业务增长放缓。对此，新东方高管回应称，由于宏 观经济形势和国际关系变化的影响，预计这部分业务第四季度增速将放缓，"持续的压力肯定来自海外 相关业务。但我们确实相信这个业务将会稳定下来"。 新东方董事会执行主席俞敏洪表示，"我们依托雄厚的教育资源，贯彻以长期可持续发展为核心的策 略，通过提升产品品质和营运效率，长期推动业务可持续增长和盈利能力。" 4月23日，新东方发布截至2025年2月28日的2025财年第三季度财报。本季度总营收 ...

Core Viewpoint - New Oriental's Q3 financial report shows a mixed performance with a revenue increase but underlying concerns about future growth and profitability [2][3][6] Financial Performance - For the first three fiscal quarters of 2025, New Oriental reported a cumulative revenue of $3.657 billion, a 15.1% increase from $3.177 billion in the same period last year [2] - The net profit for the same period reached $364 million, reflecting a 29.0% year-on-year growth, significantly outpacing revenue growth [2] - In Q3, net revenue decreased by 2% to $1.183 billion, which was below market expectations [3][8] - Excluding the impact of its e-commerce and live-streaming business, revenue actually increased by 21.2% to $1.038 billion [7] Business Segments - The core education business showed structural growth, with significant revenue increases in overseas exam preparation (7.1%) and domestic exam preparation for adults and college students (17%) [7] - New Oriental's new education business maintained strong growth, with a revenue increase of 34.5% in the quarter [7] Market Reactions - Following the earnings report, New Oriental's stock performance was mixed, with a decline of 0.68% in the US market and a rise of over 5.6% in Hong Kong, indicating divergent investor sentiment [3] - Several financial institutions, including Macquarie and JPMorgan, have lowered their target prices for New Oriental following the earnings report [4][13] Future Guidance - New Oriental's management has indicated that profit pressures are expected to ease in the coming quarters due to cost-cutting measures [10][11] - The company forecasts a revenue growth of 10%-13% for Q4 of fiscal 2025, which is lower than market expectations [11][13] Cash Position - As of the end of February, New Oriental had a total cash and short-term investments of $4.4 billion, with $2.68 billion available for discretionary use after accounting for deferred revenue [17]

Group 1: Market and Regulatory Updates - Shanghai and Shenzhen Stock Exchanges announced the Labor Day market closure from May 1 to May 5, 2025, resuming normal operations on May 6 [1] - Seven departments issued a plan for the digital transformation of the pharmaceutical industry, emphasizing the integration of artificial intelligence across the entire industry chain [2] - High-profile logistics platform GaoLu Group, backed by Hillhouse Capital, is seeking $100 million in private credit financing for asset acquisitions [3] Group 2: Company Financial Performance - Shenjian Co. reported a 2024 revenue of 2.418 billion yuan, a decrease of 5.97%, but a net profit increase of 32.29% to 33.65 million yuan, proposing a cash dividend of 0.5 yuan per 10 shares [6] - Jingwei Co. achieved a 2024 revenue of 673 million yuan, up 30.79%, but a net profit decline of 36.76% to 35.54 million yuan, proposing a cash dividend of 1.00 yuan per 10 shares [7] - Minsheng Health reported a 2024 revenue of 641 million yuan, a 10.23% increase, with a net profit of 91.83 million yuan, up 7.24%, proposing a cash dividend of 1.00 yuan per 10 shares [8] - Wangsu Technology's Q1 2025 net profit reached 192 million yuan, a 38.54% increase, with a revenue of 1.235 billion yuan, up 10.26% [9] - Beilu Pharmaceutical reported a Q1 2025 revenue of 283 million yuan, a 36.23% increase, with a net profit of 14.54 million yuan, up 26.13% [10] - Huning Co. reported a Q1 2025 revenue of 64.51 million yuan, a 4.37% increase, but a net profit decline of 45.68% to 3.61 million yuan [11] Group 3: Corporate Governance and Compliance - Pioneer's fund underwent significant management changes following a change in actual control, with the chairman resigning for personal reasons [4] - Hu Haiquan's private equity funds received regulatory warnings for failing to fulfill fiduciary duties and risk assessments during fundraising [5] - RNG's affiliated company was reported to owe 82,000 yuan in taxes [5]

新东方北京时间 4 月 23 日美股盘前发布了 2025 财年第三季度的业绩，对应的是 2024 年 12 月至 2025 年 2 月寒假旺季的经营情况。 本次业绩点评仍然聚焦在教育业务，这次关注点还是在指引。尤其是关税引发的地缘风险扰动下，留学业务的增长前景不确定性加大。 具体来看： 1. 指引不佳，部分定价 最关注指引，但偏偏指引最 "拉胯"。相较于 3 月底公司调整后的预期而言，Q3 业绩基本符合预期，但公司对 Q4 核心教育收入指引则不佳，和机构预期落差较 大。 虽然未做拆分，但海豚君预计还是留学业务承压带来的影响为主（电话会透露预计增速继续下降至高个位数，保守预估 26 财年海外考培 5-10%，咨询零增长）。 这里机构对 Q4 预期偏高，主要原因：一方面是考虑到去年基数低，另一方面则是因为未料到关税引发的地缘对抗异常激烈。 因此，随着 4 月初关税引发的股价巨震， 市场预期肯定也做了一些调整和定价 。 但至于是否定价到位，很难说清。 但比较清晰的是， 由于后续关税仍然存在反 复和不确定性，双方牌局离结束尚早， 但地缘风险带来的担忧难以消除，还会继续对留学需求带来压制和削弱。 2. 遭遇 "双压" ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company is expected to see a bottoming out of its performance, with a positive outlook on profit elasticity for the full year [1]. - The core K12 business shows steady revenue growth, and operational profit margins are anticipated to improve post-autumn 2025 due to cost reduction measures [1][3]. - The non-selective business is projected to have revenue growth guidance of 10-13% year-on-year for Q4 FY25, aligning with market expectations [1][2]. Financial Performance Summary - For Q3 FY25, total revenue was $1.183 billion, a year-on-year decrease of 2%, while revenue excluding selective business was $1.038 billion, reflecting a 21.2% increase [1][2]. - Adjusted operating profit for Q3 was $142 million, with a profit margin of 13.3%, slightly better than previous forecasts [1][2]. - The company expects non-GAAP operating profit margin to improve by approximately 1 percentage point in Q4 FY25 due to a low base effect [3]. Revenue and Profit Forecasts - Revenue forecasts for non-selective business are adjusted to $4.424 billion, $4.819 billion, and $5.538 billion for FY25, FY26, and FY27 respectively [4][10]. - Non-GAAP net profit estimates are revised to $457 million, $550 million, and $654 million for FY25, FY26, and FY27 respectively [4][10]. - The company anticipates a steady increase in revenue and profit margins, with a focus on enhancing management efficiency and optimizing expansion pace [3][4]. Valuation Analysis - The target price is set at $67.25 based on a 20x PE ratio for FY26E, reflecting the company's leading position in the education sector [4][13]. - The report highlights that the current demand for non-academic training remains strong, supporting the company's long-term growth potential [4][10].

大华继显：下调新东方目标价至60美元 第三财季业绩未达预期 金十数据4月24日讯，大华继显发表报告指，新东方(09901.HK)第三财季业绩未达预期，营收较去年同 期减少2%至11.83亿美元，较市场预期低4%。Non-GAAP纯利为1.13亿美元，未达该行及市场预测。净 利润率按年减少1个百分点至10%。报告指，新东方预期第四财季营收(不含东方甄选)按年增10-13%， 达到10.091亿至10.366亿美元，较预期低5至8个百分点。该行维持对其"买入"评级，美股目标价由66美 元下调至60美元，H股目标价47港元。 ...

新东方早盘冲高，涨幅扩大至5%，开盘一度跌超3%。公司公布截至2025年2月28日止第三季度的未经 审核财务业绩，净营收同比下降2.0%至11.83亿美元；经营利润同比上升9.8%至1.245亿美元。 ...

净营收同比下滑 财报显示，新东方2025财年第三季度的净营收同比下降2%至11.83亿美元；不包括东方甄选自营产品及直播电 商业务实现的营收则同比上升21.2%至10.38亿美元。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 4月23日，新东方披露的截至2025年2月28日的第三季度未经审核财务业绩显示，2025财年第三季度，新东方 的净营收为11.83亿美元，同比下降2%。 预计2025财年第四季度收入增长 2025财年前9个月，新东方的净营收为36.57亿美元，同比增长15.1%；经营利润为4.37亿美元，同比增长 28.5%。 新东方预计，2025财年第四季度（2025年3月1日至2025年5月31日）的净营收（不包括东方甄选自营产品及直 播电商业务实现的营收）为10.09亿美元至10.37亿美元，同比增长10%到13%。预计2025财年第四季度以人民 币计算的收入增长为12%到15%。 新东方董事会执行主席俞敏洪表示，第三季度的业绩表现良好，净营收（不包括东方甄选自营产品及直播电 商业务实现的营收）同比增长21.2%。出国考试准备和出国咨询业务营收分别同比增长约7.1%和 ...