证券研究报告 | 2026年02月09日 中国东方教育（00667.HK） 优于大市 模式升级固本培元，职教龙头弄潮服务消费新风口 深耕职教近四十年，多品牌构筑技能培训版图。中国东方教育是国内领先的 职业技能教育集团，旗下布局新东方烹饪、新华电脑、万通汽修等知名品牌。 2019 年在港股上市。公司覆盖烹饪技术、西点西餐、信息及互联网技术、汽 车服务四大成熟专业，并积极布局美业、宠物、康养等新兴专业。 技能培训行业：职教万亿扩容，中职调整寻机。我国职业教育行业处于万亿 扩容黄金期，受政策持续加码与产业需求拉动双轮驱动，2025-2029 年预计 维持 17%复合增速，2029 年市场规模有望突破 2 万亿元。此前中职赛道经历 数年调整，2010-2024 年在高中招生占比从 51%下滑至 34%，但考虑中级技能 人才产业刚需、部分普高适配度较低学生回流，后续普高比有望寻找新平衡。 成熟专业：疫后盈利能力率先修复，收入后提速打开利润增长空间。2024 年以来公司积极调整，关停并转低效校区、推进五省职教产业园建设、升级 课程结构，带动 2025H1 公司经调净利率 19.0%/+5.0pct；预计伴随更多职教 园区 ...

证券研究报告 | 2026年02月09日 中国东方教育（00667.HK） 优于大市 模式升级固本培元，职教龙头弄潮服务消费新风口 深耕职教近四十年，多品牌构筑技能培训版图。中国东方教育是国内领先的 职业技能教育集团，旗下布局新东方烹饪、新华电脑、万通汽修等知名品牌。 2019 年在港股上市。公司覆盖烹饪技术、西点西餐、信息及互联网技术、汽 车服务四大成熟专业，并积极布局美业、宠物、康养等新兴专业。 技能培训行业：职教万亿扩容，中职调整寻机。我国职业教育行业处于万亿 扩容黄金期，受政策持续加码与产业需求拉动双轮驱动，2025-2029 年预计 维持 17%复合增速，2029 年市场规模有望突破 2 万亿元。此前中职赛道经历 数年调整，2010-2024 年在高中招生占比从 51%下滑至 34%，但考虑中级技能 人才产业刚需、部分普高适配度较低学生回流，后续普高比有望寻找新平衡。 成熟专业：疫后盈利能力率先修复，收入后提速打开利润增长空间。2024 年以来公司积极调整，关停并转低效校区、推进五省职教产业园建设、升级 课程结构，带动 2025H1 公司经调净利率 19.0%/+5.0pct；预计伴随更多职教 园区 ...

Core Viewpoint - China Oriental Education has shown significant stock price growth of 90% this year, outperforming the vocational education sector by over 85 percentage points, despite previous declines in market value due to policy impacts [1][2] Financial Performance - In 2024, the company reported total revenue of 4.116 billion RMB, a year-on-year increase of 3.5%, with gross profit reaching 2.115 billion RMB, up 10.8%. Shareholder net profit surged by 88% to 513 million RMB, with gross and net profit margins improving to 51.38% and 12.46%, respectively [1][5][7] - The company plans to distribute a final dividend of 0.22 HKD per share, resulting in a payout ratio of 93.5% and a dividend yield of nearly 4% [1] Brand Performance - China Oriental Education operates five training brands, achieving an average employment rate of 94.9% across these brands in 2024. Revenue contributions from each brand were as follows: New Oriental (46.6%), Oumandi (2.56%), Xinhua Computer (18.54%), Wantong (22.2%), and Oumandi (8.3%) [2][4] - The average tuition fee across all brands was 27,600 RMB, reflecting a 3.6% increase, with training participants totaling approximately 146,300, a slight increase of 0.4% year-on-year [2][4] Cost Management - The company has optimized its cost structure, with selling, administrative, and financing expense ratios decreasing to 23.66%, 12.34%, and 2.87%, respectively. The overall period expense ratio fell to 38.87%, a decrease of 16.75 percentage points year-on-year [5] Industry Context - The vocational education and training market in China exceeded 1 trillion RMB in 2022, with stable growth expected. The sector is experiencing renewed opportunities due to high unemployment rates and a demand for specialized skills [6] - China Oriental Education stands out as a rare investment opportunity in the vocational training sector, benefiting from increased attention and a strong fundamental performance [6][8]