新东方-S:教育业务增长承压 常态化派息提升股东回报

申万宏源研究
Jul 31, 2025

投资要点:新东方4QFY25 收入12.43 亿美元,同比增长9.4%。其中教育业务(含文旅)实现收入10.83亿美元,同比增长18.7%。其他业务(主要为东方甄选)收入1.6 亿美元,同比下降28.5%。归属母公司的Non-GAAP 净利润为0.98 亿美元,同比增长59.4%。Non-GAAP 净利率为7.9%,同比扩张个2.5 百分点。收入和利润以及净利润率均超我们预期。公司公布3 年股东...

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