新东方（EDU）今日盘中大跌9.17%，引发市场关注。这一跌幅主要源于大和证券发布的最新研究报告，下调了对公司未来收入的预期。
据大和证券的报告显示，预计新东方2025财年第三财季核心收入同比增长21%，低于此前预期的25%，总收入预计同比下跌2%。该行还预测新东方季度核心业务非公认会计准则经营利率将降至12.5%，同比下跌2.5个百分点。更值得注意的是，大和预计公司2026财年收入增长将进一步放缓至14%。
造成预期下调的主要原因包括：高端海外考试准备和咨询服务收入低于管理层预期，导致海外相关收入同比增长放缓至11%至12%；消费者对高端旅游服务支出谨慎，寒假期间的文化旅游收入增长未达公司预期；以及海外业务前景具挑战性，公司加强效率管理可能减缓产能扩张。尽管如此，报告指出K12小班课程需求仍然稳定。
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