新东方三季度净利止步不前，文旅收入增85%，能否成新动能

Core Viewpoint - New Oriental's Q3 FY2025 financial results show a slight decline in total revenue but significant growth in specific educational segments, indicating a shift towards new business models and services [1][2][3]. Financial Performance - Total revenue for Q3 FY2025 was $118.3 million, a 2% decrease year-over-year [1][2]. - Net profit reached $87.3 million, reflecting a 0.1% increase compared to the previous year [1][2]. - Adjusted diluted earnings per ADS were $0.70, down from $0.79 in the same quarter last year, marking a 12.1% decline [1][2]. Business Segments - Excluding revenue from self-operated products and live e-commerce, New Oriental's revenue was $103.8 million, showing a 21.2% increase year-over-year, driven by growth in new educational services [1][2]. - Revenue from overseas exam preparation and consulting grew approximately 7.1% and 21.4% respectively, while domestic exam preparation for adults and university students saw a 17% increase [2][3]. New Business Growth - New educational services recorded a robust 34.5% revenue growth, with non-academic tutoring expanding into nearly 60 cities and attracting about 408,000 enrollments [3]. - The cultural tourism business experienced an impressive 85% revenue growth, contributing over 50% of its income from services offered to K-12 and university students across 55 cities [3]. Technological Investments - The company invested $29.7 million in enhancing its OMO (Online-Merge-Offline) teaching system, leveraging AI technologies to develop innovative educational solutions [3]. - New Oriental is utilizing a combination of open-source large language models and proprietary AI technology to create tools for grading, assessment, and personalized learning plans, aimed at improving student performance and operational efficiency [3]. Management Insights - The Executive Chairman emphasized a strategy focused on sustainable long-term growth through improved product quality and operational efficiency [4]. - The CEO highlighted ongoing efforts to monitor teaching space layouts and enhance the application of AI in education, aiming to boost product competitiveness through innovative technology [5].