2025年上半年，公司的收入增长10.2%，毛利率提升至57.3%，体现出业务扩张与成本控制的双重优 势。凭借其在烹饪、西点、信息技术和汽车服务等赛道品牌影响力，公司有望迎来业绩与估值的双重提 升。 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。 分部收入表现整体向好，毛利率稳步增长 烹饪技术收入10.24亿元，同比增长11.4%，毛利率60.5%(+5.2pct);西点西餐收入1.82亿元，同比增长 14.3%，毛利率60.4%(+6.6pct);信息技术及互联网技术收入3.67亿元，同比下降3.0%，毛利率57.6% (+3.5pct);汽车服务收入4.92亿元，同比增长9.6%，毛利率54.7%(+0.6pct);时尚美业收入0.77亿元，同比 增长90.2%，毛利率61.4%(+8.8pct); ...

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 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 许樱之(分析师) | 0755-82900465 | xuyingzhi@gtht.com | S0880525040012 | 本报告导读： 2025 年上半年，公司的收入增长 10.2%，毛利率提升至 57.3%，体现出业务扩张与 成本控制的双重优势。凭借其在烹饪、西点、信息技术和汽车服务等赛道品牌影响 力，公司有望迎来业绩与估值的双重提升。 投资要点： 公司业务覆盖全国，培训人次稳步增长。截至 2025H1，公司以七大 知名学校品牌经营业务，在中国内地几乎所有省份及中国香港共运 营 234 所学校及中心（+1 所），并在期内收购山西冶金技师学院。 2025H1 公司长期课程平均培训人次 13.41 万人，同比增长 4.9%，占 比 87.8%；其中 1-2 年/2-3 ...

Group 1 - The core viewpoint of the articles emphasizes the transformation of vocational education from traditional skill training to a crucial solution for talent shortages in county economies [1][2][3] - The rise of county economies is highlighted as a significant focus for future development, with vocational education playing a key role in addressing the talent gap in these regions [2][3] - The challenges faced by county economies include a lack of skilled talent, particularly in integrated industries such as e-commerce and design, which hinders local business expansion [2][3] Group 2 - China Oriental Education is recognized as a leading example in vocational education, implementing a "policy + vocational education + industry" closed-loop model to support county economic development [1][5] - The company has developed a sustainable path for vocational education that includes precise course adaptation, deep collaboration with enterprises, and the construction of diverse employment ecosystems [1][5] - The integration of vocational education with local economic needs is seen as a critical factor for enhancing regional competitiveness and addressing structural employment issues [4][8] Group 3 - The establishment of vocational education industrial parks by China Oriental Education represents a strategic upgrade in their educational model, ensuring alignment with local industry demands [9][10] - The company collaborates with leading enterprises like Chery and BYD to cultivate a skilled workforce tailored to the needs of the local automotive industry [10][13] - The focus on innovative training models, such as project-based learning and partnerships with local agricultural sectors, aims to enhance the quality of vocational education and support rural revitalization [4][18] Group 4 - The articles detail the success of China Oriental Education in creating a talent pipeline that meets the specific needs of local industries, thereby facilitating economic growth in county areas [19][20] - The company's approach includes a combination of short-term training and long-term education, ensuring that graduates are equipped with relevant skills for the job market [7][18] - The emphasis on local employment opportunities and entrepreneurship is evident, with many graduates choosing to remain in their home regions to contribute to local economies [19][20]