走不出董宇辉阴影的东方甄选，还在拖累新东方

Core Viewpoint - New Oriental's Q3 FY2025 financial results show a revenue decline due to the underperformance of its Oriental Selection business, but the education and cultural tourism segments have demonstrated strong growth, indicating stability in the core education business [1][3]. Financial Performance - New Oriental reported a revenue of $1.183 billion for the quarter, a year-on-year decrease of 2.0$1.038 billion, reflecting a year-on-year increase of 21.2% [1][3]. - Operating profit for the quarter was $125 million, up 9.8$126 million, a 5% increase [3]. - Net profit attributable to shareholders rose by 0.1% to $87.3 million [3]. Business Segment Performance - The overseas exam preparation and consulting businesses grew by 7.1% and 21.4% year-on-year, respectively, while domestic exam preparation for adults and college students saw a growth of approximately 17.0% [4]. - The growth rate for overseas exam preparation was the lowest since 2023, indicating a slowdown in this segment due to geopolitical uncertainties [6]. Market Conditions - The geopolitical climate, particularly the uncertainty surrounding the potential re-election of Donald Trump, has negatively impacted New Oriental's overseas study-related businesses [6]. - The company anticipates continued slow growth in overseas-related business, projecting an 8% revenue increase in the next quarter and a 5% to 10% growth for the next fiscal year in overseas exam preparation [6]. New Business Growth - New Oriental's new education business segment experienced robust growth, with revenue increasing by 34.5% year-on-year. Non-subject tutoring courses had 408,000 enrollments, a 14.9% increase, while active paying users for smart learning systems grew by 64.4% to 309,000 [4][8]. - The company expanded its offline teaching centers significantly, increasing from 748 at the beginning of the fiscal year to 1,089 by the end of Q1 FY2025 [8]. Strategic Expansion - New Oriental plans to expand its offline capacity by over 20% in FY2025 and by 10% to 15% in FY2026, focusing on expanding within existing cities rather than entering new markets [8]. - The learning machine market is rapidly developing, with a 29.4% year-on-year increase in sales volume for learning tablets in Q1 FY2025, which supports New Oriental's smart learning systems and devices business [8].