Investment Rating - The investment rating for the company is "Buy" with a target price of 47.5 HKD, maintaining the rating for the next six months [1]. Core Insights - The company reported a revenue of 1.44 billion USD for FY25Q1, representing a 31% year-on-year increase. Excluding the revenue from Dongfang Zhenxuan's self-operated products and live e-commerce, the revenue growth was 34% [1]. - The company achieved a net profit of 250 million USD, up 48% year-on-year, with a Non-GAAP net profit of 260 million USD, reflecting a 40% increase [1][2]. - The company continues to focus on enhancing service quality and operational efficiency to improve profitability while balancing growth and sustainability [1]. Financial Performance - The operating profit for the quarter was 290 million USD, a 43% increase year-on-year, with a Non-GAAP operating profit of 300 million USD, up 23% [1]. - The company reported a GAAP operating profit margin of 23.7%, an increase of 370 basis points year-on-year, while the Non-GAAP operating profit margin was 24.4%, up 220 basis points [2]. - The company generated a net operating cash flow of 183.2 million USD for the quarter, with total cash and cash equivalents amounting to approximately 4.9 billion USD at the end of the quarter [2]. Growth Projections - The company maintains its revenue forecasts for FY25-27, expecting revenues of 5.2 billion, 6.4 billion, and 7.5 billion USD respectively, with adjusted net profits of 560 million, 770 million, and 1.06 billion USD for the same periods [2].
新东方-S：聚焦核心业务成长