NEW ORIENTAL-新东方-S：FY2025Q2点评：期教育业务表现良好，电商业务及下期营收指引扰动情绪

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Insights - The company's non-e-commerce revenue (education and cultural tourism) grew by 31% year-on-year, slightly exceeding previous management guidance, while overall net revenue reached $1.039 billion, a 19.4% increase [1][8] - The company is expected to face pressure on high-end product demand, leading to a downward revision of revenue forecasts for FY2025-2027 [3][18] - The company remains a leading player in the education and training sector with a clear growth logic [18] Revenue and Profitability - For FY2025Q2, the company achieved a net revenue of$ 1.039 billion, with non-e-commerce revenue at $894 million, reflecting a 31.3% increase [1][8] - The operating profit was$ 19.26 million, down 9.8% year-on-year, while Non-GAAP operating profit was $27.58 million, down 45.8% [1][8] - The net profit attributable to shareholders was$ 31.93 million, a 6.2% increase, while Non-GAAP net profit was $35.54 million, down 29.1% [1][8] Business Segment Performance - The education new business segment grew by 42.6% year-on-year, while high school training increased by 20% [2][11] - The e-commerce business declined by 23% due to the divestiture of "With Huixing" [2][11] - The cultural tourism business is expected to remain in a loss state due to low revenue during the traditional off-season [2][11] Capacity Expansion and Deferred Revenue - The company expanded its capacity by 5% quarter-on-quarter, with a total of approximately 1,143 schools and learning centers, a 12% increase year-on-year [12] - Deferred revenue reached$ 1.961 billion, a 19.2% increase year-on-year, although the growth rate has slowed compared to previous quarters [15] Future Outlook - For FY2025Q3, non-e-commerce revenue is expected to grow by 18-21% year-on-year, indicating a slowdown from earlier projections [3][17] - The company is actively responding to industry trends by launching targeted programs, such as early training for youth studying abroad, to stabilize its business [18]