新东方：淡季有压力，相信我们下半年会反弹（1Q25FY 电话会纪要）

Financial Performance Summary - Total revenues for Q1 2025 were USD 1.435 billion, missing consensus estimates by 0.46% [1] - Year-over-year revenue growth was 30.5%, slightly below the consensus estimate of 31.1% [1] - Gross profit reached USD 852 million, beating consensus by 1.18% with a gross margin of 59.3% [1] - Operating profit was USD 293 million, exceeding consensus by 10% with an operating margin of 20.4% [1] - The company added 64 new schools and learning centers, bringing the total to 1,089, which was 5.3% above consensus [1] Core Education Business - Core education business revenue grew 33.5% YoY excluding East Buy's private brand products and live-streaming e-commerce [1] - Operating margin for core education business reached 23.7%, with non-GAAP operating margin at 24.4%, up 370 and 220 basis points respectively [1] - Overseas test preparation business grew 19% YoY, while overseas consulting services increased by 21% [1] - Domestic test preparation for college students saw a 30% YoY growth [1] New Education Initiatives - Non-academic tutoring services expanded to 60 cities with 484,000 registered students, with top 10 cities contributing 60% of revenue [1] - Smart learning systems and devices are operational in 50 cities with 323,000 active paying users, with top 10 cities generating 55% of revenue [1] - Cultural tourism programs, including study tours, grew 221% YoY, covering 35 cities with top 10 cities contributing 55% of revenue [1] East Buy and OMO Platform - East Buy launched 488 private brand SKUs and expanded its live-streaming channels to platforms like Tmall and JD, with plans to enter offline sales channels [1] - The company invested USD 24.6 million in its OMO platform during the quarter [1] Capital Management - The company's cash and cash equivalents totaled approximately USD 4.9 billion [1] - A new stock repurchase program increased from USD 400 million to USD 700 million, with USD 457.9 million already repurchased as of October 27, 2024 [1] Outlook - Revenue guidance for the next quarter is between USD 1.071 billion to USD 1.094 billion, representing a YoY growth of 24.5% to 43.5% [1] - Core education business is expected to generate revenue between USD 1.255 billion to USD 1.284 billion, with a growth rate of 31% to 34% [1]