首次覆盖: 景气回暖，估值修复潜力大 中国东方教育(0667) 中国东方教育跟踪报告 股票研究 / [Table_Date] 2025.12.15 2025-12-15 [Table_Industry] 教育产业 [Table_Summary] 投资建议：公司作为中国领先的职业技能培训机构，凭借强大的全 国布局及品牌力，持续满足中国劳动力市场对高技能人才的强劲需 求。我们预计公司 2025-2027 年归母净利润各 7.98 亿元、10.04 亿 元、11.28 亿元，EPS 各 0.36 元、0.45 元、0.51 元。参考可比公司估 值，给予公司 2026 年 20X PE 估值，给予目标价 9.0 元人民币，对应 2025H1 业绩稳中向好，净利润同比增幅显著。2025H1 营业收入 21.86 亿元，同比增长 10.2%；归母净利润 4.03 亿元，同比增长 48.4%； 扣非归母净利润 4.16 亿元，同比增长 49.5%；毛利率 57.3%(+ 4.3pct); 销售/管理/财务费用率分别为 22.47%/10.79%/2.51%，同比- 0.94pct/ -2.11pct/-0.60pct。 风 ...

教随产出校企同行 在赞比亚，穆卡第一次走进实训车间，听到老师用中文示范"检查液压泵"。这堂课来自中国-赞比亚职 业技术学院(以下简称"中赞职院")与中国十五冶金建设集团有限公司(以下简称十五冶)共同设计的"中文 +重型设备维修"订单班。中赞职院由北京工业职业技术学院联合中国有色矿业集团有限公司及多所院 校共建，创办职教型孔子课堂，创建"工业汉语+职业技能"教学应用模式。 "订单班学习期限为1年，总学时为970课时，学生毕业后进入十五冶。"北京工业职业技术学院院长柳长 安介绍，"培训还包括了计算机入门、企业管理经营、工业汉语等课程，十余名企业管理和骨干技术人 员参与授课和实训指导，把真实生产场景带进课堂"。 穆卡希望自己能成为语言和技术并重的复合型人才。他说："对我来说，学中文、学技术，不仅是一条 就业路径，也是一扇打开更大世界的门。未来，我想能熟练操作设备，也能直接用中文和同事流畅交 流。" 日前，2025世界中文大会"中文+协同生态的构建与案例分享"平行会议举行。从中文工坊建设到校企协 同培养，来自多个国家的代表聚焦"中文+职业技能"教育发展路径和成果，共同探索中文教育的应用领 域。 (本文配图由山东理工职 ...

Core Points - The third National Vocational Skills Competition concluded successfully in Zhengzhou, Henan, with Wang Zhiwei from Anhui New Oriental Culinary School winning the national championship in the Western cuisine category, highlighting Hefei's ongoing advantage in skilled talent cultivation [1][2][4] Group 1: Competition Overview - The National Vocational Skills Competition is the highest standard, most comprehensive, largest scale, and strongest level national vocational skills event in China, featuring 106 competition projects and attracting 3,420 contestants from various provinces and industries [2] - The theme of this year's competition was "Skills Illuminate the Future," emphasizing the importance of vocational skills in career development [2] Group 2: Hefei's Achievements - Hefei has demonstrated a strong commitment to building a skilled talent workforce, with a focus on promoting learning and training through competitions, as evidenced by consecutive gold medals in the Western cuisine category [2][4] - The success of Wang Zhiwei not only showcases individual skill but also serves as a strong testament to the achievements of Hefei's vocational education [2][4] Group 3: New Oriental Culinary Education's Role - New Oriental Culinary Education actively responds to Hefei's policies on skilled talent cultivation by enhancing practical training, introducing industry mentors, and conducting modular training sessions to improve students' overall competitive skills and professional qualities [4][6] - The brand's students have consistently won multiple honors in high-level competitions, reflecting a solid foundation and continuous breakthroughs in the field of skill education [4][6] Group 4: Future Directions - New Oriental Culinary Education plans to further improve the vocational skills competition system, strengthen technical school construction, and promote school-enterprise cooperation to accelerate the cultivation of high-quality skilled talents that meet the needs of economic and social development [6]

Core Insights - In the first half of 2025, China Oriental Education reported a revenue of 2.186 billion yuan, a year-on-year increase of 10.2%, and a net profit of 403 million yuan, reflecting a significant growth of 48.4% [1] - The company has demonstrated strong foundations and high growth potential in the vocational education sector, emphasizing the synergy between social value and commercial value [1][2] Business Segments - **Culinary Education**: This traditional segment remains a key revenue driver, contributing significantly to overall performance. The culinary education segment maintained steady growth, with a 60% enrollment in culinary courses and a 95% employment rate for graduates [3][5] - **Beauty Industry Education**: Rapidly emerging as a new growth driver, this segment targets younger demographics, particularly those aged 14 and above, and has adapted to market trends such as the rise of the "beauty economy" [6][7] - **Regional Center Strategy**: The company has implemented a regional center strategy to optimize resource allocation and reduce costs, with significant student enrollment in self-owned vocational education parks [10][11] Product Innovation - The company has developed high-value courses tailored for students facing employment challenges, achieving over 100% enrollment growth in the first half of 2025 [15][16] - A combination of long-term and short-term training programs has been established to cater to diverse market needs, ensuring a steady cash flow and market penetration [15][16] Teaching Innovation - Digital technology is being leveraged to enhance educational quality, with a focus on course iteration and the establishment of smart campus systems to track student progress [17][19] - Collaboration with industry leaders ensures that course content remains relevant and practical, enhancing the employability of graduates [20] Cost Control - The company has effectively managed costs through precise human resource allocation, reduced rental expenses via regional centers, and optimized marketing strategies, leading to improved profitability [21][22] Future Outlook - China Oriental Education aims to continue expanding into emerging fields such as artificial intelligence and smart manufacturing, while enhancing digital infrastructure to improve teaching efficiency [23][24]

Group 1 - The core viewpoint of the article highlights the recent stock performance of China Oriental Education, which saw a decline of 5.52% to 7.7 HKD per share as of 09:45 on August 1 [1] - China Oriental Education Holdings Limited focuses on vocational skills education, operating seven educational brands and 234 campuses across 30 provinces and Hong Kong, with approximately 150,000 students enrolled [1] - As the first publicly listed vocational skills education company in Hong Kong, the group aims to cultivate practical talents that meet societal needs and actively promotes innovation and development in vocational education [1] Group 2 - For the fiscal year ending 2024, China Oriental Education reported total revenue of 4.116 billion HKD and a net profit of 513 million HKD [1] - On July 31, the company projected a profit increase of 45% to 50% for the interim results of 2025 [1]