利润为先，现金为王：新东方和好未来已经替教培行业做了选择

芥末堆02-01

Photo byYuri KrupeninonUnsplash1、新东方2026财年二季度净营收为11.914亿美元，同比上升14.7%。新东方股东应占净利润为4550万美元，同比上升42.3%。经营利润为6630万美元，同比上升244.4%。Non-GAAP经营利润为8910万美元，同比上升206.9%。2、好未来2026财年三季度净收入为7.7亿美元，上年同期净收入为6.06亿美元，同比增长...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2608416001?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-02-01 14:59","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2608416001","market":"us","top_or_hot":-1,"title":"利润为先，现金为王：新东方和好未来已经替教培行业做了选择","media":"芥末堆","content":"<div>\n<p>Photo byYuri KrupeninonUnsplash1、新东方2026财年二季度净营收为11.914亿美元，同比上升14.7%。新东方股东应占净利润为4550万美元，同比上升42.3%。经营利润为6630万美元，同比上升244.4%。Non-GAAP经营利润为8910万美元，同比上升206.9%。2、好未来2026财年三季度净收入为7.7亿美元，上年同期净收入为6.06亿美元，同比增长...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026020115414297a452c7&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>利润为先，现金为王：新东方和好未来已经替教培行业做了选择</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n利润为先，现金为王：新东方和好未来已经替教培行业做了选择\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-01 14:59 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026020115414297a452c7&s=b><strong>芥末堆</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Photo byYuri KrupeninonUnsplash1、新东方2026财年二季度净营收为11.914亿美元，同比上升14.7%。新东方股东应占净利润为4550万美元，同比上升42.3%。经营利润为6630万美元，同比上升244.4%。Non-GAAP经营利润为8910万美元，同比上升206.9%。2、好未来2026财年三季度净收入为7.7亿美元，上年同期净收入为6.06亿美元，同比增长...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026020115414297a452c7&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0327786744.USD","symbol_name":"Janus Henderson Horizon China Opportunities A2 USD","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026020115414297a452c7&s=b","article_id":"2608416001","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026020115414297a452c7&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2608416001","pubTimestamp":1769929169,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"新东方股东应占净利润为4550万美元，同比上升42.3%。很显然新东方和好未来两家教育巨头都面临着相似的局面——增速下滑。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","BK4509":"腾讯概念","BK4510":"在线教育","LU0502904849.HKD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (HKD) ACC","BK4204":"教育服务","LU0048580855.USD":"富达大中华区A","BK4531":"中概回港概念","EDU":"新东方","LU0823426480.USD":"法巴中国股票经典Dis","TAL":"好未来","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","BK4526":"热门中概股","BK4563":"昨日强势股","BK4585":"ETF&股票定投概念","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","BK4503":"景林资产持仓","LU0359201612.USD":"贝莱德中国基金A2","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0455707207.USD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (USD) INC","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","BK4505":"高瓴资本持仓","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","BK4535":"淡马锡持仓","LU0823426308.USD":"法巴中国股票基金","BK4588":"碎股","BK4548":"巴美列捷福持仓","BK4506":"内地教育股"},"translate_title":"Profit first, cash is king: New Oriental and TAL have made choices for the education and training industry","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"EDU":1.5,"TAL":1.5},"content_text":"Photo byYuri KrupeninonUnsplash1、新东方2026财年二季度净营收为11.914亿美元，同比上升14.7%。新东方股东应占净利润为4550万美元，同比上升42.3%。经营利润为6630万美元，同比上升244.4%。Non-GAAP经营利润为8910万美元，同比上升206.9%。2、好未来2026财年三季度净收入为7.7亿美元，上年同期净收入为6.06亿美元，同比增长27%；好未来股东应占净利润为1.41亿美元，同比增长266.6%。经营利润为9,312.3万美元，同比增长 634.2%。Non-GAAP经营利润约为 1.04亿美元，同比增长 5514%。3、新东方已经连续两个季度告别了之前 20-30% 多的营收增长率，好未来也告别了之前 40%左右的增长率。很显然新东方和好未来两家教育巨头都面临着相似的局面——增速下滑。当然，新东方更具有代表性，好未来只是刚出现增速大幅下滑的情况。之前我也听说某行业巨头的增长遇到了瓶颈，很明显这是一个行业问题，而不是某一家公司的问题。4、与此同时，新东方和好未来无论经营利润还是净利润均实现了超大幅度的增长，尤其是好未来本季度的利润增长更为惊人，利润甚至超越了新东方很多。很显然新东方和好未来面对现状也都采取了相似的措施应对——节流保利润。节流最典型的就是新东方销售费用下降了 1.1%，而好未来的销售费用则大幅下降了2.8%。5、再看看新东方和好未来持有的现金及存款和短期投资和前期相比几无变动，也说明了两家公司放缓了扩张的步伐。如新东方杨志辉在财报会议上所说 2026 财年的教学中心扩张将由之前的 20-30% 下调为 10%。同样，好未来的教学中心扩张速度也明显下降了。6、好未来销售费用的大幅下降，大概率是智能学习机部分控制了市场投入，学习机业务因为之前一直在高投入扩张期，拖累了好未来的利润率。从近两个季度看，明显放缓了对增长的要求，好未来营收增长率下滑也应该就是学习机业务所致。而学习机业务的利润情况，估计目前亏损已经大幅收窄甚至可能趋于盈亏平衡了，所以好未来也实现啦近两个季度利润超预期的大幅增长。未来，好未来的利润是否继续有亮眼的表现，基本就取决于学习机业务是否追求高速发展了，但肯定不会采取过往那样激进的策略了。7、新东方未来几个季度利润率持续好转基本是一张明牌了。出国板块两大业务线的整合必然会带来冗余业务和人员的优化，同时电话会议中提到的各业务线整合跨部门客户服务体验也将会大幅带来不小的人员优化。新东方一手缓扩张一手内部整合优化以确保利润优化。8、新东方和好未来近两个季度的财报已经很清晰的反映出了教培行业的残酷现状，而两家的应对策略显然也是为“过冬”做准备——扩张为辅，节流为主，利润为先，现金为王。9、新东方和好未来两大教育巨头其实已经给教培行业的公司们打了个样，指明了经营的方向。实话说，教培行业不会有比新东方和好未来抗风险能力更强的公司了，既然这两家在面对当下以及未来可预期会继续趋冷的大环境下都选择了放缓扩张，节流保利润的策略，那么行业内其他公司更没有其他更好的选择了。10、我知道行业内不少公司前两年高速扩张攫取“后双减红利”；我知道行业内的一些公司其实并没有汲取很多公司透支预付费爆雷的教训，而把预付款挪作他用。我想现在大家都应该学习新东方和好未来，该慢则慢，该停则停，该省则省，最终现金为王。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2608416001","isCrawlerRequest":true}