TAL INTERNATIONAL GROUP INC：好未来2025财年第一季度点评报告：25财年二季度或加大投入，锚定未来增长

Investment Rating - Maintain "Buy" rating for TAL [5][6] Core Views - TAL's FY2025Q1 revenue reached $414 million, up 50.4$0.876 million with a 0.2% margin, better than Bloomberg's -7% expectation [1] - The company is expected to increase investments in Q2 FY2025, which may temporarily pressure margins but is aimed at future growth [4] Business Segments Learning Services - Offline quality education revenue grew by high double digits YoY in FY2025Q1, with over 400 outlets compared to 200 in FY2024Q1 [2] - Online school business saw strong performance in customer acquisition, with high double-digit sales growth on Douyin from January to July [2] - Deferred revenue increased to $640 million in FY2025Q1, up 66$2.064 billion, $2.603 billion, and$2.951 billion, with YoY growth of 38%, 26%, and 13% respectively [5] - Net income attributable to shareholders is expected to be $17 million,$111 million, and $183 million for FY2025-FY2027 [5] - Non-GAAP net income is forecasted at$104 million, $196 million, and$266 million for the same period [5] Historical Context - TAL achieved a 46% CAGR in revenue from FY2010 to FY2021, driven by high-quality education services and standardized teaching systems [4] - Current store count of 400+ represents 36% of pre-"Double Reduction" levels, indicating significant growth potential [4]