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 ...

Core Insights - The company reported revenue, net profit attributable to shareholders, and adjusted net profit for H1 2025 at 2.186 billion, 403 million, and 416 million yuan respectively, showing year-on-year growth of 10.2%, 48.4%, and 49.5%, aligning with performance forecasts [1] - The improvement in performance for 2024 is attributed to cost and expense control, while H1 2025 shows accelerated revenue growth driven by improved enrollment, particularly in three-year programs which grew by 4.5% and one- to two-year programs which surged by 85% [1] - The company experienced a positive operating leverage effect with an adjusted net profit margin increase of 5 percentage points due to accelerated revenue growth [1] Business Performance - New Oriental's revenue and operating profit accounted for 45% and 60% respectively, with significant growth in the beauty industry and a turnaround from losses [1] - Revenue from various segments for H1 2025 includes: culinary arts (1.026 billion yuan, +11.2%), pastry and western cuisine (182 million yuan, +14.3%), IT and internet technology (367 million yuan, -3.0%), automotive services (493 million yuan, +9.7%), fashion and beauty (77 million yuan, +90.2%), and others (129 million yuan, +31.5%) [1] - Average training participants for different segments showed growth: culinary arts (62,000, +8.3%), pastry and western cuisine (5,500, +18.5%), IT and internet technology (37,000, -6.8%), automotive services (43,000, +6.3%), and fashion and beauty (6,000, +76.2%) [1] Enrollment and Employment - The total number of schools increased to 234, with a net addition of one school (+0.4%) [2] - New enrollment figures for various programs include: culinary arts (36,500, +5.2%), pastry and western cuisine (7,600, +0.7%), IT and internet technology (14,000, +6.4%), automotive services (21,500, +9.3%), and fashion and beauty (3,900, +34.1%) [2] - Employment rates improved across institutions, with New Oriental at 95.7%, Xinhua Computer at 94.0%, and others showing similar increases [2] Profitability and Cost Management - The company's gross margin for H1 2025 was 57.3%, an increase of 4.3 percentage points, driven by higher capacity utilization and reduced rental expenses [3] - The net profit margin attributable to shareholders rose to 18.4%, up 4.7 percentage points, with the increase primarily due to declines in sales, management, and financial expense ratios [3] - The company employed 10,365 people in H1 2025, a decrease of 2% year-on-year [3] Investment Outlook - Short-term expectations indicate strong autumn enrollment and continued performance exceeding forecasts due to cost control [3] - Mid-term projections suggest accelerated revenue growth based on the recovery of long-term enrollments, with culinary arts and automotive services maintaining rapid growth [3] - Long-term advantages include competitive employment outcomes and the ability to quickly adjust courses to market changes, with anticipated completion of regional center construction and technician college accreditation [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][29] Core Views - The company has experienced a significant acceleration in revenue growth, achieving 2.186 billion yuan in revenue for the first half of 2025, a year-on-year increase of 10.2%, marking a new high since its listing. The net profit reached 403 million yuan, up 48.4% year-on-year, closely approaching the upper limit of previous forecasts [1][9] - The company is benefiting from a favorable employment environment, leading to a recovery in long-term student enrollment and a steady increase in average tuition fees. The average tuition fee for the first half of 2025 was 28,000 yuan, reflecting a year-on-year increase of 4.3% [2][4][18] Summary by Sections Revenue and Profitability - In the first half of 2025, the company achieved a revenue of 2.186 billion yuan, with a net profit of 403 million yuan, indicating a strong performance with a net profit margin of 19.0%, up 5.0 percentage points year-on-year [1][3][20] - The company’s gross profit margin was 57.3%, an increase of 4.3 percentage points, suggesting significant room for further improvement in profitability [3][20] Enrollment and Tuition - The company enrolled 84,000 students in the first half of 2025, a 7% increase year-on-year, with the fashion beauty industry showing the highest growth rate among various programs [2][13] - The average training fee per student increased to 28,000 yuan, with a notable rise in tuition fees for specific programs such as culinary arts and fashion beauty [18][25] Cost Control and Efficiency - The company has effectively controlled costs, with a reduction in research, sales, and management expense ratios, leading to improved operational efficiency [3][20] - The company has also completed adjustments to its campus structure, with a total of 234 schools, including three vocational colleges, enhancing its educational offerings [23][25] Future Outlook - The company is expected to see revenue growth rates of 10.2%, 12.6%, and 13.3% for 2025, 2026, and 2027, respectively, driven by an increase in student enrollment and tuition fee adjustments [25][26] - The forecasted net profit for 2025 is 860 million yuan, reflecting a significant increase of 67.8% year-on-year, with further growth anticipated in subsequent years [4][26]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue and net profit for the first half of 2025 are projected to be 2.186 billion and 403 million CNY, respectively, showing year-on-year growth of 10.2% and 48.4% [2] - The improvement in the company's performance in 2024 is primarily attributed to cost and expense control, while the enrollment growth in 2025 is expected to accelerate revenue, particularly in the three-year program which grew by 4.5% and the one-to-two-year program which saw an impressive growth of 85% [2] - The company is expected to benefit from positive operating leverage, with adjusted net profit margin increasing by 5 percentage points [2] Summary by Sections Revenue and Enrollment - The company reported a significant increase in enrollment, with new registrations for the culinary technology and beauty sectors growing by 5.2% and 34.1%, respectively [4] - The total number of schools is 234, with a net increase of 1 school year-on-year [4] Financial Performance - The gross margin for the first half of 2025 is 57.3%, an increase of 4.3 percentage points year-on-year, driven by increased capacity utilization and reduced rental expenses [5] - The net profit margin for the first half of 2025 is 18.4%, reflecting a year-on-year increase of 4.7 percentage points, primarily due to a decrease in sales, management, and financial expense ratios [5] Future Outlook - Short-term expectations indicate strong autumn enrollment, with the potential for continued performance exceeding expectations throughout the year [7] - Mid-term projections suggest accelerated revenue growth in the coming years, particularly in culinary and automotive sectors, with ongoing improvements in profitability [7] - Long-term advantages include competitive employment outcomes and the ability to quickly adjust courses in response to market changes [7] Earnings Forecast - The company maintains revenue forecasts of 4.464 billion, 4.868 billion, and 5.390 billion CNY for 2025, 2026, and 2027, respectively [7] - The projected net profit for the same years is 801.94 million, 973.21 million, and 1.18293 billion CNY [7] - The earnings per share (EPS) forecast for 2025, 2026, and 2027 is 0.36, 0.44, and 0.54 CNY, respectively [7]