好未来：核心业务取得高速增长

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has shown strong revenue growth, with FY2025 Q3 net revenue reaching $606 million, a year-on-year increase of 62.4%. The focus on non-academic training has driven this growth, alongside the introduction of new smart hardware products that have received positive market feedback [5][6]. - The company is actively expanding its business, with sales expenses increasing by 85.6% to $226.4 million in FY2025 Q3, reflecting a sales expense ratio of 37.3%. Management expenses have seen a slight increase of 0.8% to $111.5 million, indicating improved operational leverage as revenue scales up [8][11]. - The company maintains a strong cash flow position, with operating cash flow of $378 million in FY2025 Q3 and cash reserves of approximately $3.836 billion, which supports future growth initiatives [11][12]. - The company is expected to continue its high growth trajectory, with projected revenues of $2.284 billion and $3.084 billion for FY2025 and FY2026, respectively, representing year-on-year growth rates of 53.3% and 35.0% [13]. Financial Summary - For FY2024, the company reported revenues of $1.49 billion, with a projected increase to $2.284 billion in FY2025 and $3.084 billion in FY2026, reflecting growth rates of 46.2%, 53.3%, and 35.0% respectively [4]. - Non-GAAP net profit is projected to grow from $85.3 million in FY2024 to $214.8 million in FY2025 and $312.9 million in FY2026, with respective growth rates of 151.7% and 45.7% [4]. - The gross margin is expected to remain stable around 54%, with Non-GAAP net profit margin improving from 5.7% in FY2024 to 10.1% in FY2026 [4].