【好未来（TAL.N）】收入增长稳健，控费带动利润超预期——FY26Q3业绩点评（陈彦彤/汪航宇/聂博雅）

Core Viewpoint - The company reported significant growth in revenue and net profit for FY26Q3, indicating strong performance and effective cost management strategies [4][7][8]. Group 1: Financial Performance - FY26Q3 revenue reached $770.2 million, representing a year-on-year increase of 27.0% [4]. - The net profit attributable to shareholders was $130.6 million, up 466.1% year-on-year, while Non-GAAP net profit was $141.4 million, reflecting a 266.6% increase [4][7]. - The overall net profit margin improved to 17.0%, an increase of 13.2 percentage points year-on-year, with Non-GAAP net profit margin at 18.4%, up 12.0 percentage points [8]. Group 2: Learning Services and Other Segments - The learning services segment, including offline small classes and online offerings, saw revenue growth driven by increased enrollment and stable pricing, supported by high-quality course demand and standardized teaching [5]. - Online literacy course revenue also grew due to sustained market demand and technological innovations, such as immersive classrooms and gamified learning experiences [5]. Group 3: Content Solutions - The learning device business experienced revenue and sales growth, although the growth rate slowed due to high sales in the previous quarter and a shift from rapid expansion to steady growth [6]. - The company launched two new learning devices in January 2026, aiming to expand user coverage and enhance user engagement [6]. Group 4: Cost Management - Cost control measures led to a significant improvement in net profit margins, with the gross margin at 56.1%, up 3.3 percentage points year-on-year [7]. - The sales expense ratio decreased by 8.8 percentage points to 28.6%, attributed to reduced online marketing costs and seasonal customer acquisition expenses [7].