近年来，人工智能、大数据、云计算等技术的迅猛发展，正在深刻改变全球产业结构与人才需求格局。中国作为全球制造业和数字经济大国，职业教育正面 临前所未有的机遇与挑战。 以数字经济为例，由中国重庆数字经济人才市场管委会等部门联合编制的《中国数字经济人才发展报告（2024）》显示，截至2023年底，中国数字经济产业 规模达53.9万亿元，占GDP比重42.8%，数字经济人才总量预估为3144万人，人才缺口2500万人。按照国务院《"十四五"数字经济发展规划》，这一人才缺 口还在持续增长。 为填补数字人才缺口，人社部等九部委发布《加快数字人才培育支撑数字经济发展行动方案（2024-2026年）》，提出紧贴数字产业化和产业数字化发展需 要，用3年左右时间,扎实开展数字人才育、引、留、用等专项行动。 在政策与产业的双重驱动下，职业教育亟需从传统的技能培训模式向"数智化+技能"的复合型人才培养模式转型，职业教育的数质化转型也已然成为不可逆 转的时代潮流。其中，高质量技术人才是数质化发展的关键支撑。在人才培养过程中，数智化在教学中的广泛应用，为提高人才培养质量和效率提供了有力 的手段。 作为职业教育领域的老牌企业，中国东方教育 ...

全球美业深度交融、职业教育国际化浪潮澎湃的当下，积极响应国家深化产教融合、推进职业教育国际 化的战略部署，成为美业教育发展的关键路径。2025年4月24日，中国东方教育集团（00667.HK）旗下 的欧曼谛时尚美业教育，与日本山野美容艺术短期大学、日本山野美容专门学校携手达成战略合作。 此次签约仪式上，中国东方教育集团总裁许绍兵与日本山野美容艺术短期大学、日本山野美容专门学校 理事长山野爱子jane代表双方签署战略合作备忘录，为双方深度合作拉开序幕，也意味着中国东方教育 时尚美业教育国际化交流在技术创新、标准互通与人才培养领域的交流协作迈入新阶段。 中国商业联合会副会长张丽君、AHA亚洲发型师美容师协会会长及创始人赵劲松、世界技能大赛美发 项目中国国家队专家组组长吉正龙、中国东方教育集团欧曼谛时尚美业教育总经理王振、NOOS沙龙 CEO李源好等众多行业关键人物齐聚现场，共同见证这一意义非凡的时刻，凸显出行业对此次合作推动 美业教育变革的高度期许。 山野美容艺术短期大学隶属于日本山野集团，1991年经日本文部省批准成立，其前身可追溯至1934年 的"山野美容讲习所"。作为日本唯一的美容艺术大学，学校拥有90多年 ...

业绩稳增，盈利大幅提升 中国东方教育是港股职业培训龙头标的，这和学历制职业教育主要区别在于，学习周期相对更短，收入确认频率更 高，且专业针对性更强，就业率也相对较高。该公司旗下拥有五个培训品牌，包括新东方、欧米奇、新华电脑、万 通以及欧曼谛，2024年这五个品牌的平均就业率达到94.9%。 2024年新东方、欧米奇、新华电脑、万通以及欧曼谛收入贡献分别为46.6%、8.3%、18.54%、22.2%及2.56%，期间 所有品牌均保持增长，其中欧曼谛品牌收入增长超过120%。这主要得益于"量价"驱动，该公司旗下品牌平均学费及 培训人次均有不同程度增长，整体平均学费2.76万元，增长3.6%，培训人次约为14.63万人次，同比微增0.4%。 | | 2024年 | | 2023年 | | 變動 | | | --- | --- | --- | --- | --- | --- | --- | | | | 每名學生/ | | 每名學生/ | | 每名學生 | | | | 客戶年 | | 客戶年 | 收入 | 客戶年 | | | | 平均學費/ | | 平均學費/ | 增加/ | 平均學費/ | | | 收入 | 服務費 ...

Annual Report 年報 2024 ANNUAL REPORT 2024 年 報 Contents 目錄 Pages頁次 | Highlights | 摘要 | 2 | | --- | --- | --- | | Corporate Information | 公司資料 | 7 | | Chairman's Statement | 主席報告 | 9 | | Management Discussion and Analysis | 管理層討論與分析 | 13 | | Directors' and Senior Management's Biographical Information | 董事及高級管理層的履歷資料 | 44 | | Corporate Governance Report | 企業管治報告 | 51 | | Environmental, Social and Governance Report | 環境、社會及管治報告 | 75 | | Directors' Report | 董事會報告 | 153 | | Independent Auditor's Report | 獨立核數師報告 | ...

2025 年 04 月 10 日 公司研究 评级：买入(首次覆盖) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 杨仁文 S0350521120001 | | | | yangrw@ghzq.com.cn | | 证券分析师： | | 谭瑞峤 S0350521120004 | | | | tanrq@ghzq.com.cn | | 联系人 | ： | 王春宸 S0350123070046 | | | | wangcc@ghzq.com.cn | [Table_Title] 产品升级、学校网络和招生结构优化，看好利润 持续释放 ——中国东方教育（0667.HK）公司点评 最近一年走势 | 事件： | | --- | ①2025 年 4 月 3 日，公司旗下万通技校发布新闻稿，宣布 2025 年春季 大型校园人才双选会暨校企合作签约授牌仪式圆满落成。 ②公司 2025 年 3 月 27 日公告 2024 年年度业绩，2024 年实现营收 41.2 亿元，yoy+3.5%，归母净利润 5.1 亿元，yoy+88.0%。 投资要点: 相对恒生指数表现 2025/04/09 ...

证券研究报告 | 2025年04月03日 中国东方教育（00667.HK） 优于大市 提效控费成效显著，高中生源提供增长新引擎 风险提示：学生就读中职意愿下滑；市场竞争加剧；就业质量不及预期。 投资建议：公司发力面向高中生源的 1-2 年期培训课程，以及内部打通纵向 升学，提高对中职学生吸引力，缓释中职学生人数增长压力。叠加疫情对公 司 3 年制学生人数影响逐步淡化，预计 2025 年总培训人次将重回上升通道。 考虑到收入结构优化及校区调整成效逐步释放，同时公司加强预算管理，预 计盈利能力将持续修复。基于此，我们预计 2025-2027 年公司归母净利润 6.3/7.3/8.5 亿元，同比+22.3%/17.7%/16.3%，对应 CAGR 为 16.7%，对应 PE 为 16/13/12x。维持"优于大市"评级。 | 盈利预测和财务指标 | 2021 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 3,979 | 4,116 | 4,413 | 4,779 | 5,218 | | (+/ ...

中国东方教育 20250320 公司如何应对初中生源减少带来的挑战？ 初中生源减少确实是一个趋势，但对公司的影响相对较小，因为公司的主要生 源群体是不愿意继续升学的学生。这部分人群相对稳定，通过职教升学也能带 来一定增量。因此，公司确保三年制专业稳步增长，不会有太大的增速。同时， 公司还把握住了另一个市场，即四校生（中职技工、中专技工、职高、高中毕 业未考上大学）及大学毕业未就业群体，为他们提供就业前培训。这类培训在 2023 年至 2024 年取得爆发式增长，其中 15 个月课程设置专门针对这一人群开 发，并取得超过 100%的增长效果。 2055 年春季的增长趋势如何，未来是否会延续这种势头？ 摘要 Q&A 请介绍一下中国东方教育近期的整体情况，包括招生、学校数量等基本信息。 中国东方教育在 2024 年的整体业绩，无论是收入还是利润端，均完全符合预期， 且利润端大幅超出预期。公司已经回到正常轨道，并进入上升通道。2025 年春 季的数据表现尤为突出，是自 2019 年上市以来最好的春季招生季，无论是招生 人数、收入还是收费都创下历史新高。按农历计算，正月初一至今的平均增长 超过 10%，若按阳历计算，增 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [4]. Core Views - The company achieved a revenue of 4.1 billion RMB in 2024, representing a year-on-year increase of 4%, and a net profit of 500 million RMB, up 87% year-on-year [1]. - The company is optimistic about a profit improvement cycle, driven by strategic investments in vocational education parks in key provinces [4][8]. - The company plans to expand its campus network, particularly in culinary and fashion education sectors, which are expected to have significant growth potential [8]. Financial Performance - The gross profit margin for 2024 was 51.4%, an increase of 3.4 percentage points year-on-year, attributed to revenue growth and improved cost control [3]. - The company reported a total asset value of 9.5 billion RMB, with a net asset value of 5.7 billion RMB, reflecting a year-on-year increase of 2% and 3% respectively [1]. - The company’s total number of schools and centers decreased to 233, a reduction of 12 from the previous year [1]. Business Segmentation - Revenue from New Oriental and Meiwai Academy remained stable at 1.9 billion RMB, while Oumandi saw a significant increase of 125% to 100 million RMB [1]. - The average training participants for 2024 were 140,000, a decrease of 6% year-on-year, with notable declines in several brands [2]. - The company’s strategic focus includes enhancing student demand through the establishment of vocational education parks, which are expected to drive future growth [4][8].

Investment Rating - The report maintains a "Buy" rating for China Oriental Education [2][8] Core Views - The company reported a revenue of RMB 4.12 billion for 2024, a year-on-year increase of 3.5%, and an adjusted net profit of RMB 525 million, up 86.6% year-on-year, driven by effective cost and expense control [5][6] - The company announced a year-end dividend of HKD 0.22 per share, corresponding to a payout ratio of 85%, with a dividend yield of approximately 5% [5] - The report anticipates continued growth in training numbers through the introduction of short-term courses and expansion in the beauty industry training sector [7][8] Financial Performance - Revenue for 2024 is projected at RMB 4.12 billion, with a year-on-year growth rate of 3.46% [9] - Adjusted net profit for 2024 is expected to be RMB 525 million, reflecting a significant year-on-year increase of 86.59% [9] - The company’s gross profit for 2024 is RMB 2.115 billion, with a gross margin of 51.4%, an increase of 3.4 percentage points year-on-year [6][11] Operational Efficiency - The company has effectively controlled costs, resulting in a net profit margin of 12.5%, an increase of 5.6 percentage points year-on-year [6] - Marketing expenses decreased by 6.1% year-on-year to RMB 970 million, with a sales expense ratio of 23.7%, down 2.4 percentage points [6] - The utilization rate of campuses improved from 72.2% in 2023 to 73.1% in 2024, contributing to economies of scale [6] Market Expansion - The company launched short-term courses targeting high school graduates, resulting in a 66.2% year-on-year increase in training numbers for these programs in the second half of 2024 [7] - The beauty industry training sector saw a 70.9% year-on-year increase in average training numbers, indicating strong demand recovery [7] - Five out of seven regional centers have been completed, enhancing the company's ability to offer higher-level vocational training [8] Profit Forecast - The adjusted net profit forecasts for 2025, 2026, and 2027 are RMB 617 million, RMB 732 million, and RMB 860 million respectively, with corresponding P/E ratios of 13.9, 11.7, and 10.0 [9][11]

Group 1 - The education sector is experiencing a rise in stock prices, with notable increases in companies such as China Oriental Education, which rose by 11.52% to HKD 4.84, and Neusoft Ruixin Group, which increased by 5.23% to HKD 3.22 [1] - China Oriental Education reported its 2024 annual performance, with revenue of CNY 4.116 billion, a year-on-year increase of 3.5%, and a net profit of CNY 513 million, up 88% [1] - Huaxin Securities believes that the education industry is currently in a phase of rigid demand, supply clearance, and reduced policy risks, presenting a good opportunity for leading companies with successful business transformations [1] Group 2 - CITIC Securities notes that since the second half of 2024, concerns about industry demand and competition have increased, leading to stock price fluctuations for many companies [2] - Despite the slowdown in growth for some companies, the majority of the education sector's companies are expected to maintain revenue growth of over 20%, with valuations having dropped to near two-year lows [2] - Recent stimulus policies, including fertility subsidies and consumption enhancement plans, are expected to boost confidence in the education sector [2]