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Education stocks have risen, and after double reduction, new Oriental will come out of different paths in the future

On April 26, the Hong Kong stock market rose rapidly at the beginning, the Hang Seng Index increased to 1.6%, the Hang Seng Technology Index rose 2.68%, and energy, technology, and brokerage stocks strengthened.Among them, Xin Oriental (9901.HK) rose 3.62%to HK $ 64.45, and Oriental selection (1797.HK) rose 4.26%to HK $ 16.64.
Yesterday, US stocks closed, and the good future (TAL.N) closed at US $ 13.35, up 8.89%, with a total market value of 8.524 billion US dollars; New Oriental (Edu.n) closed at $ 79.64, an increase of 3.32%, with a total market value of 13.181 billion US dollars.On the news, it will be announced in the next 25th to the fourth quarter of fiscal year and the whole year of the fiscal year of fiscal year as of February 29, 2024.
According to the financial report, as of the fiscal year of February 29, 2024, good future revenue was 1.49 billion US dollars, an increase of 46.2%year -on -year from the same period last year; operation loss was US $ 69 million, a year -on -year decrease of 23.7%; non -US accounting standard operations operatingProfit (not considering equity incentives) was US $ 1.19.6 million, and the same period last year was $ 118 million; the net loss attributable to a good future was US $ 3.573 million, and the same period last year was $ 136 million.
Among them, as of the fourth quarter of February 29, 2024, good future revenue was US $ 430 million, an increase of 59.7%year -on -year from the same period last year.The year -on -year decrease of 75.1%; non -US accounting standards operating profit (regardless of equity incentives) was $ 9.44 million, and the same period last year was $ 1.18 million; the net profit attributable to a good future was US $ 28 million.The net loss was $ 39 million.
In terms of specific performance, the statistics of Jiaotin International show that on the one hand, in terms of learning services, the good future quality education income in the quarter accounted for more than 40%of the total income, which mainly benefited from Peiyou’s high -quality offline growth, offline teaching points in offline teaching points, and offline teaching pointsThe expansion speed is faster than the institutional expectations; high school revenue accelerates year -on -year, accounting for nearly 20%of the income ratio.Secondly, in the field of content solutions, growth is mainly driven by learning machine sales.In the fourth quarter, good future learning machines were sold for about 100,000 units, which was better than the previous expected 80,000 units. Among them, the new model accounted for more than 50%, and the unit price increased by 40%. It is one of the main factors that drive the company’s income over market expectations.
After the “double reduction” policy, the education company made all business adjustments.Today’s good future and New Oriental are also showing different development directions.From the perspective of Wu Jincao, the chief of the industry of Soochow Securities, good future is very different from the perspective of business, management mechanisms and development strategies.
In terms of financial performance, after the “double reduction” policy, from the latest quarterly revenue data, New Oriental revenue was US $ 1.207 billion, and the good future revenue was US $ 430 million.In fiscal revenue, New Oriental’s revenue fell from $ 4.2 billion to about $ 3. billion after the “double reduction” policy.In the future, it is similar to New Oriental’s revenue in fiscal year in 2021, but in 2023, revenue fell to about $ 1 billion.
In terms of specific influencing factors, Wu Jincao said that Oriental selection accounted for about 20%of the proportion of New Oriental revenue, which affects more about the recovery of the educational business of New Oriental itself.According to the financial report, after the “double reduction” policy, the New Oriental financial disclosure method was changed to the business name of “studying abroad and consulting business abroad”, accounting for about 20%of income.The second part is a high school -based student training, accounting for about 20%.Secondly, the growth rate is rapid and more than 20%of the quality courses.Finally, the live broadcast e -commerce Eastern selection.
And after the epidemic and “double reduction” in the future, there is no particularly clear latest disclosure method. Just as good future CFO Peng Zhuangzhuang said at the strategy of 2025 at the financial report telephone.Adhering to the high -quality standards of offline and online learning products and services, it is expected that various learning service projects will continue to become the largest source of income in the new fiscal year. At the same time, the company will continue to invest in artificial intelligence.
According to the analysis of the development reasons for different paths, Wu Jincao said that the teaching and training policies do not allow the industry to run teaching and training, but strictly supervise the business of young and small.Although the good future financial report did not disclose the specific segment business, it can be seen through investigation and calculation that before the epidemic, New Oriental’s part of the business accounted for less than 20%, and other high schools, abroad, adults, vocational education and other sectors were not subject to too much.Great influence, and the proportion of business in the future is very high.
Therefore, Wu Jincao said that the “double reduction” policy has a greater impact on a good future, but for New Oriental, it is not as serious as the outside world.The degree of recovery of the two companies after the epidemic is different, which has a certain relationship with their basic business and development ideas.
Before the policy was introduced, New Oriental did not adopt the market strategy of “large -scale opening and big”, and at the same time, it adjusted the business in time after learning about the relevant news.At present, compared with the business sector, New Oriental shows more business arrangements.At the same time, Wu Jincao believes that New Oriental is a consumer company, and a good future is closer to a technology company, which also makes the two sides different in business ideas.
New Oriental’s latest financial report shows that although the investment in the selection of live e -commerce business in the Oriental selection has affected net profit data to a certain extent, the overall revenue rose sharply and even exceeded historical data.In addition to the education business in the future, it has been put into investment in the field of artificial intelligence technology.Hao Future Group CTO Tian Mi previously stated that “AI brings the opportunity to redefine smart education. Large modeling technologies make large -scale education in the same way of teaching.”
However, it is limited by the realization of artificial intelligence to realize the cost reduction and efficiency and increase. At present, good future company revenue mainly depends on the education business.According to the fiscal year of Jiaotin International Report, in the fiscal year of 2025, a good future education point or expansion of more than 30%. The annual revenue is expected to increase by more than 60%.Related income may increase by 80%, driving the company’s overall income by 37%to $ 2 billion, an increase of 3%compared with previous expectations.
(This article comes from First Finance)
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On April 26, the Hong Kong stock market rose rapidly at the beginning, the Hang Seng Index increased to 1.6%

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