Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a significant revenue increase of 62.4% year-over-year for FY2025Q3, reaching 38.58 million, with a net profit margin of 6.36%, reflecting a year-over-year increase of 6.88 percentage points [5] - The company has adjusted its profit forecasts for FY2025-2027, now expecting Non-GAAP net profits of 301 million, and 0.30, 0.62 [5] Summary by Sections Financial Performance - For FY2025Q3, the company achieved a revenue of 1.92 million, narrowing from previous losses [5] - Deferred revenue as of November 30, 2024, was $826 million, up 62.6% year-over-year [5] - The company’s revenue projections for FY2025-2027 have been revised upwards due to better-than-expected performance [5] Learning Services - The company is expanding its offline learning centers, with a net increase of 52 centers in FY2025Q2, totaling 436 centers by the end of January 2025 [6] - The integration of high-tech interactive technologies into classrooms is enhancing product capabilities [6] Smart Hardware - The launch of the new learning device, Xbook, priced under 4000 yuan, has received positive feedback from parents, contributing to a 74% year-over-year increase in online sales [7] - The company showcased its innovative learning device at the CES 2025, winning the "TWICE Picks" award, highlighting its recognition in the AI+education sector [7]
好未来：公司信息更新报告：业绩增长连续超预期，AI驱动学习机&教学变革