以下文章来源于刺猬公社 ，作者刺猬公社编辑部 刺猬公社 . 互联网内容行业观察与研究 出生率持续下跌， 老年教育是教培又一出路吗？ 文 ｜ 白棉 编辑 ｜ 园长 来源｜ 刺猬公社（ID ： c iweigongshe ） 封面来源 ｜ IC Photo 除了新东方，还有从上海交通大学勤工俭学中心发展而来的昂立教育、公考机构粉笔等多家 教培公司 选择布局银发经济。 和传统的K12教育相比，老年教育是一门怎样的生意？未来又会怎样发展？ 刺猬公社 发现，醉翁之意不在酒，老年大学仅是教培机构更大生意的流量入 口。 不止一家教培入局 近几年的教培行业内，转型和自救 早已是各个企业共同的命题：有的直播卖货，有的尝试转型To B，有的做起了学习机、羽绒服、咖啡等新的生意...... 就在最近 ， 一个新 的转型方式 出现了——养老。 以行业的龙头企业新东方为例，2024年 ， 新东方先是在南京试点老年大学，设立外语、旅游文化和艺术三个学院； 近期 ， 新东方 又在 北京 推出" 退休俱乐部 " ，同样开设多个兴趣课程，相较其他新东方培训课程价格亲民。 图源公众号南京新东方银铃俱乐部 这个消息社交媒体上也是小火一把。" 过去 ...

New Oriental Education & Technology Group Inc. (NYSE:EDU) is one of the Top 15 Chinese Companies on US Exchanges. On January 29, HSBC upgraded New Oriental Education & Technology Group Inc. (NYSE:EDU) from Hold to Buy. Charlotte Wei from HSBC lifted the rating on EDU following the Q2 FY2026 results and kept the price target at $68. HSBC Upgrades New Oriental Education & Technology Group to Buy Following Strong Q2 FY2026 Results Antonio Guillem/Shutterstock.com On January 28, New Oriental Education & Te ...

Investment Rating - The report maintains a positive outlook on the overseas education sector, particularly highlighting key companies in the education and training industry [1]. Core Insights - The overseas education sector has shown significant improvement in operational efficiency, with a focus on key companies in the education and training industry [1]. - New Oriental (09901.HK) reported a revenue of $1.191 billion for Q2 FY26, a year-on-year increase of 14.7%, with a Non-GAAP net profit of $73 million, reflecting a 68.6% increase [6]. - Oriental Selection (01797.HK) achieved a revenue of 2.31 billion yuan in 1H FY26, up 5.7% year-on-year, and turned a profit with a net profit of 239 million yuan [9]. Summary by Sections 1. Overseas Education - The education index surged by 7.2% in the week of January 23-29, outperforming the Hang Seng Index by 2.2 percentage points [5]. - New Oriental's education business (including cultural tourism) generated $974 million, a 13% increase year-on-year, while other businesses (mainly Oriental Selection) saw a 22.9% revenue growth [6]. - The study abroad business's revenue growth has stabilized, with a 1% increase year-on-year, although it has slowed compared to previous periods [6]. 2. Oriental Selection - The company reported a revenue of 2.31 billion yuan in 1H FY26, marking a 5.7% increase year-on-year, and achieved profitability with a net profit of 239 million yuan [9]. - The gross merchandise volume (GMV) from self-operated products reached 2.16 billion yuan, with a significant improvement in gross margin from 21.5% to 33.7% year-on-year [10]. - The company is expanding its product offerings and enhancing operational efficiency, with a focus on increasing the utilization rate of existing teaching sites [7]. 3. Overseas Pharmaceuticals - The report highlights a strategic R&D collaboration between CSPC Pharmaceutical Group and AstraZeneca, valued at $18.5 billion, focusing on innovative long-acting peptide drugs [3][19]. - The agreement includes a $1.2 billion upfront payment and potential milestone payments totaling up to $13.8 billion, along with sales royalties based on net sales [19]. 4. Overseas Social Services - Macau's gaming revenue maintained double-digit growth, with December's gross gaming revenue reaching 20.9 billion MOP, a 14.8% year-on-year increase [23]. - The total visitor count for Macau in 2025 reached 40.06 million, a 14.7% increase year-on-year, marking a historical high [23].

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Core Viewpoint - New Oriental (NYSE: EDU; HK: 09901) reported strong financial results for the second quarter of fiscal year 2026, with revenue of $1.191 billion, a year-on-year increase of 14.7%, surpassing previous guidance and market expectations [2] Financial Performance - Revenue for the quarter reached $1.191 billion, up 14.7% year-on-year, exceeding prior guidance [2] - Operating profit was $66.31 million, a significant increase of 244.4% year-on-year [2] - Net profit attributable to shareholders was $45.45 million, reflecting a year-on-year growth of 42.3% [2] - Non-GAAP operating profit margin improved by 4.7 percentage points to 7.5% [2] - Full-year revenue guidance for fiscal year 2026 was raised to a growth of 8%-12% from the previous 5%-10% [2] Business Growth Drivers - The main business segments, including education and the Oriental Selection, contributed to revenue and profit growth [2] - New Oriental's education business saw a 21.6% year-on-year growth, with non-academic tutoring services showing a steady increase in student numbers [3] - The active paid users of the smart learning system reached approximately 352,000 [3] - The company is focusing on enhancing product and service quality while optimizing operational efficiency [3] AI and Operational Efficiency - New Oriental invested $28.4 million in upgrading its OMO (Online-Merge-Offline) teaching system and integrating AI technology into its educational ecosystem [4] - AI initiatives are aimed at improving product offerings, enhancing existing services, and achieving cost savings [4] - A new cross-department customer service system was initiated to enhance customer loyalty and reduce marketing costs [4] Product and Service Expansion - Oriental Selection expanded its product range from fresh snacks to seafood, health foods, and household items, increasing its proprietary product matrix to 801 SPUs [5] - The company plans to expand offline channels and continue the nationwide rollout of smart vending machines [5] - New leadership in Oriental Selection emphasizes user engagement and community interaction [5] Tourism and Wellness Business - New Oriental is expanding its tourism business, focusing on middle-aged and elderly users, with over 30 wellness bases established in collaboration with local governments [6] - The newly opened Hainan education base aims to create a comprehensive educational ecosystem [6] - The company is increasingly focusing on platform-based products to enhance business value and user engagement [6] User-Centric Strategy - The emphasis on user-centric strategies is evident across various business segments, aiming to improve user satisfaction and extend the value chain [7] - The company recognizes the importance of product positioning and user operations in retaining customers and driving growth [7]

Core Insights - The article emphasizes the importance of teacher professional capability in enhancing classroom quality as English education shifts towards a competency-based approach [1][3] Group 1: Publication Overview - The "Cambridge Mastery English Teaching Guide," translated by New Oriental's CEO Zhou Chenggang, compiles insights from four contemporary English teaching masters from Cambridge University [1][3] - This guide is the first systematic introduction of Cambridge's contemporary English teaching resources in Chinese, addressing the lack of comprehensive and authoritative professional development resources for English teachers in China [3][4] Group 2: Teacher Empowerment - Over 1.3 million English teachers in China are at a critical juncture of educational reform, which emphasizes learner-centered approaches and real language application [3][4] - More than 80% of frontline teachers express the need for a practical, authoritative resource to implement student-centered teaching in their daily classes [4] Group 3: Practical Application - The guide serves as a practical "teaching toolbox," featuring 30 global teaching trends, 30 effective teaching methods, 50 communicative activities, and 50 creative classroom designs to enhance interaction and teaching effectiveness [5] - It addresses 101 grammar issues, providing solutions to common teaching challenges, making it accessible for both novice and experienced educators [5] Group 4: Educational Philosophy - The essence of education is to ignite passion, and empowering teachers is a prerequisite for this transformation [5] - The guide aims to bridge international advanced teaching concepts with Chinese classroom practices, fostering a confident teaching environment that inspires students' love for language and the world [5]

Core Viewpoint - The company maintains a "Buy" rating for New Oriental-S (09901) due to strong growth in education business and recovery in the Oriental Selection segment, with revenue forecasts for FY26-FY28 increased to $5.5 billion, $6.11 billion, and $6.89 billion respectively [1] Financial Performance - In Q2 FY26, the company reported revenue of $1.191 billion, a year-on-year increase of 14.7%. The education business (including cultural tourism) generated $974 million, up 13% year-on-year, while other businesses (mainly Oriental Selection) earned $217 million, growing 22.9% [2] - The Non-GAAP net profit attributable to the parent company was $73 million, reflecting a 68.6% year-on-year increase, with a Non-GAAP net profit margin of 6.1%, expanding by 2 percentage points [2] Study Abroad Business - The revenue from study abroad exam training and consulting in Q2 FY26 was $252 million, showing a year-on-year growth of 1%, a slowdown of 29.3 percentage points compared to the same period last year. However, it remained stable compared to Q1 FY26 [3] - The company is integrating study abroad training and consulting services and expanding its target audience by increasing youth training offerings to enhance growth resilience in this segment [3] New Business Growth - New business revenue (K9 competency training and learning machine) grew by 21.6% year-on-year to $366 million, with sustained high growth in non-subject competency businesses. The continuation rate for K9 competency training and learning machines is improving, indicating enhanced product reputation [4] - The number of teaching centers increased to 1,379, a year-on-year growth of 21%, although the growth rate slowed by 2.7 percentage points compared to Q1 FY26. The company aims to improve operational efficiency by maximizing existing teaching center capacity [4] Operating Profit Margin Improvement - Despite the slowdown in high-margin study abroad business, the increase in competency business margins offsets this decline. The Non-GAAP operating profit margin in Q2 FY26 expanded by 4.7 percentage points to 7.5% year-on-year, showing an accelerating expansion trend [5] - The Non-GAAP operating profit margin for the education business was 6.6%, up by 3.5 percentage points year-on-year, while the margin for other businesses (mainly Oriental Selection) was 13%, increasing by 12.4 percentage points [5]

Core Viewpoint - Company maintains a "Buy" rating for New Oriental-S (09901) due to strong growth in education business and recovery in the Dongfang Zhenxuan segment, with revenue forecasts for FY26-FY28 adjusted to $5.5 billion, $6.11 billion, and $6.89 billion respectively [1] Financial Performance - In Q2 FY26, New Oriental reported revenue of $1.191 billion, a year-on-year increase of 14.7%, with education business (including cultural tourism) generating $974 million, up 13% [1] - Other businesses, primarily Dongfang Zhenxuan, contributed $217 million, reflecting a 22.9% year-on-year growth [1] - Non-GAAP net profit attributable to the parent company reached $73 million, a 68.6% increase year-on-year, with a Non-GAAP net profit margin of 6.1%, expanding by 2 percentage points [1] Study Abroad Business - The revenue from study abroad exam training and consulting in Q2 FY26 was $252 million, showing a year-on-year growth of 1%, but a slowdown of 29.3 percentage points compared to the previous year [2] - The company is integrating study abroad training and consulting services and expanding its target audience to enhance growth resilience in this segment [2] New Business Growth - New business segments, including K9 competency training and learning machine sales, saw a revenue increase of 21.6% to $366 million [3] - The number of teaching centers grew to 1,379, a 21% year-on-year increase, although the growth rate slowed by 2.7 percentage points compared to Q1 FY26 [3] Operating Profit Margin Improvement - Despite the slowdown in high-margin study abroad business, the increase in profitability from competency training offset this decline [4] - Q2 FY26 Non-GAAP operating profit margin expanded by 4.7 percentage points to 7.5%, with education business margin at 6.6%, up 3.5 percentage points year-on-year [4] - Other businesses, mainly Dongfang Zhenxuan, achieved a Non-GAAP operating profit margin of 13%, an increase of 12.4 percentage points year-on-year [4]

Investment Rating - The report maintains a "BUY" rating for the company [5][11] Core Insights - The company reported a revenue of USD 1.191 billion for 2QFY26, representing a year-over-year increase of 14.7%. The education business (including cultural tourism) generated USD 974 million, up 13% YoY, while other businesses (primarily EastBuy) saw revenue of USD 217 million, a 22.9% YoY increase [3][7] - Non-GAAP net profit attributable to shareholders was USD 73 million, surging 68.6% YoY, with a Non-GAAP net margin of 6.1%, expanding by 2 percentage points YoY [3][7] - The overseas study business growth has bottomed out, with revenue from overseas test preparation and consulting at USD 252 million, a 1% YoY increase, indicating a slowdown of 29.3 percentage points compared to the previous year [8][11] - New business segments, including K9 non-academic subject tutoring and learning tablets, achieved a revenue growth of 21.6% YoY to USD 366 million, with the number of learning centers increasing to 1,379, up 21% YoY [4][9] - Operating margins are improving, with the Non-GAAP operating margin expanding by 4.7 percentage points YoY to 7.5% in 2QFY26, driven by margin improvements in new businesses [10][11] Financial Data and Profit Forecast - Revenue forecasts for FY26-FY28 have been raised to USD 5.5 billion, USD 6.11 billion, and USD 6.89 billion, respectively, from previous estimates of USD 5.38 billion, USD 5.98 billion, and USD 6.73 billion [5][11] - Non-GAAP net profit forecasts for FY26-FY28 have been adjusted to USD 570 million, USD 629 million, and USD 700 million, respectively, up from previous forecasts of USD 555 million, USD 610 million, and USD 679 million [5][11] - The company is moderating its full-year learning center expansion pace to 10% to improve capacity utilization rates, indicating a strategic shift towards operational efficiency [11]

Investment Rating - The report maintains a "Buy" rating for New Oriental-S (09901) [2][7] Core Insights - New Oriental's revenue for 2QFY26 reached USD 1.191 billion, reflecting a year-over-year increase of 14.7%. The education business (including cultural tourism) generated USD 974 million, up 13% YoY, while other businesses (primarily EastBuy) saw revenue of USD 217 million, a 22.9% YoY increase. Non-GAAP net profit attributable to shareholders was USD 73 million, surging 68.6% YoY, with a non-GAAP net margin of 6.1%, expanding by 2 percentage points YoY [5][9] - The overseas study business growth has bottomed out, with revenue from overseas test preparation and consulting at USD 252 million, a 1% YoY increase, indicating a slowdown of 29.3 percentage points compared to the previous year [10] - New business segments, including K9 non-academic tutoring and learning tablets, showed robust growth with a 21.6% YoY increase in revenue to USD 366 million. The number of learning centers increased to 1,379, up 21% YoY [11] - Operating margins are improving, with the non-GAAP operating margin expanding by 4.7 percentage points YoY to 7.5% in 2QFY26. The education business's non-GAAP operating margin was 6.6%, up 3.5 percentage points YoY [12] Financial Data and Profit Forecast - Revenue forecasts for FY26-FY28 have been raised to USD 5.5 billion, USD 6.11 billion, and USD 6.89 billion, respectively. Non-GAAP net profit forecasts for the same period have also been increased to USD 570 million, USD 629 million, and USD 700 million [7][13] - The financial data for FY24 to FY28 indicates a steady growth trajectory, with revenue expected to grow from USD 4.314 billion in FY24 to USD 6.887 billion in FY28, and net profit increasing from USD 464 million to USD 700 million over the same period [16]