新东方-S：教育主业经营符合预期，运营效率持续提升

Investment Rating - The investment rating for the company is "Outperform the Market" [4][12]. Core Views - The company's education business performance is in line with expectations, with operational efficiency continuously improving. In FY2025Q1, education revenue increased by 34%, and net revenue reached $1.435 billion, up 30.5$1.278 billion, up 33.5% year-on-year, aligning with the revenue guidance for FY2024Q4 [1][5]. - The company maintains a full-year capacity expansion expectation of 20-25%, with the number of schools and learning centers reaching 1,089, a 37% year-on-year increase [1][5]. - The company anticipates FY2025Q2 education revenue to grow by 25-28%, driven by strong growth in new education businesses and domestic university student training [1][5]. Summary by Relevant Sections Financial Performance - In FY2025Q1, Non-GAAP operating profit was $300 million, up 22.6$265 million, up 39.85% year-on-year, exceeding Bloomberg consensus expectations [1][5]. Business Segments - The new education business showed strong growth, with overseas examination preparation and consulting businesses growing by 18.8% and 20.7% year-on-year, respectively. Domestic university training business revenue increased by approximately 30% year-on-year, while high school training revenue grew by about 21% year-on-year [1][5]. - The new education business revenue increased by 49.8% year-on-year, driven by non-academic training and learning machine subscriptions, which reached 323,000 users, up 78.5% year-on-year [1][5]. Future Outlook - The company projects FY2025-2027 revenue forecasts of $5.113 billion,$6.414 billion, and $7.893 billion, respectively, with Non-GAAP net profits of$528 million, $796 million, and$1.096 billion, respectively [2][5]. - The overall education industry remains in a high-growth phase, with a persistent supply-demand imbalance for quality offerings, supporting the company's upward profit margin trajectory [2][5].