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近日,新东方(EDU.NYSE;09901.HK)发布了截至2025年2月28日的第三财季财报。这份财报呈现出复杂态势,传统业务与新业务表现分化,在财务数据上有喜有忧,反映出公司在转型与拓展过程中的多重状况。总体而言,新东方在教育业务上仍有增长动力,但面临着业务结构调整与市场竞争的挑战。

从财务数据来看,新东方该财季总净收入同比下降2.0%至11.831亿美元。不过,剔除东方甄选自有品牌产品和直播业务收入后,净收入同比增长21.2%,达到10.383亿美元,这主要得益于教育新业务举措带来的收入增长。在利润方面,经营收入同比增长9.8%至1.245亿美元;若剔除东方甄选相关业务经营亏损,经营收入同比增长5.0%至1.255亿美元,净利润同比微增0.1%至8730万美元。过往财报显示,新东方在“双减”政策后积极转型,此次新业务带动收入增长,表明转型策略取得一定成效。但从成本和费用看,销售和营销费用、一般及行政费用分别同比增长13.0%和19.8%,这对利润增长形成一定压力。有财经专家在解读财报时指出,费用的增加反映出新东方在拓展业务、提升品牌影响力方面的投入,但需关注投入产出比。

在业务板块方面,新东方的海外考试培训和留学咨询业务收入分别同比增长约7.1%和21.4%,国内针对成人和大学生的考试培训业务同比增长约17.0%。这显示出其在传统优势教育领域仍保持着增长态势,凭借多年积累的品牌声誉和教学资源,在相关细分市场有较强竞争力。新教育业务举措更是表现亮眼,收入同比增长34.5%。

其中,非学术辅导课程在约60个城市开展,本财季吸引约40.8万名学生报名;智能学习系统和设备在约60个城市投入使用,拥有约30.9万活跃付费用户。然而,海外相关业务收入增长放缓,且新整合的旅游相关业务尚处于投资阶段,对本财季经营利润率产生了短期影响。此前市场研究报告就曾预测,旅游业务整合初期会面临资源磨合、市场开拓等问题,影响整体盈利表现。互联网上,不少投资者和教育行业观察者认为,新东方新业务发展虽快,但要实现可持续盈利,还需解决业务协同和成本控制问题。

展望未来,新东方预计2025财年第四财季,剔除东方甄选相关业务收入后,总净收入将同比增长10%-13%。这一预期体现了公司对自身业务发展的信心,但也面临诸多不确定性。市场竞争层面,教育行业竞争激烈,不仅有同行在传统业务上的竞争,新兴教育模式和技术也不断冲击市场;政策方面,教育行业受政策影响较大,政策的任何变动都可能对新东方业务产生影响。若想实现预期增长,新东方需在巩固现有业务优势的同时,加快新业务的成熟化进程,提高运营效率,降低成本。

此次财报显示,新东方在教育业务转型与拓展方面已取得一定成果,但在实现可持续增长和提升盈利能力的道路上,仍需应对业务结构调整、市场竞争加剧等挑战。未来,新东方的业务布局和战略执行将成为决定其市场表现的关键因素。

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