新东方-S：收入增速超指引，教育业务利润提升

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a price increase of over 15% in the next 6-12 months [4]. Core Insights - The company reported FY2Q25 unaudited revenue of $1.039 billion, representing a year-over-year increase of 19.4$32 million, up 6.2%, while the adjusted net profit decreased by 29.1% to $36 million [1][2]. - The education segment, excluding certain businesses, generated$894 million in revenue, marking a 31.3% increase, surpassing previous guidance [2]. - The company expects FY3Q25 education revenue to be between $1.01 billion and$1.03 billion, reflecting a growth of 20-23% [2]. Summary by Sections Financial Performance - The company achieved a gross margin of 52.0%, an increase of 0.6 percentage points year-over-year. The operating profit margin (excluding e-commerce) was 2.8%, up 1.0 percentage points [3]. - The forecast for Non-GAAP net profit for FY25 to FY27 is $490 million,$670 million, and $850 million, respectively, with year-over-year growth rates of 34.75%, 35.96%, and 27.21% [4]. Revenue Growth - The education business saw significant growth, with overseas exam training and consultation services increasing by 21.1% and 31.0%, respectively. Domestic exam training for adults and college students grew by 34.9% [2]. - The number of active paid users for the smart learning system increased by 44.2% to 261,000 [2]. Cost Management - The company effectively controlled costs, with a sales expense ratio of 18.9% and a management expense ratio of 31.3%, both showing slight increases [3].