新东方-S（09901）：新东方-s（09901）：留学业务增速触底，降本行动缓解利润率压力

Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Insights - The report highlights that the growth rate of the study abroad business has reached a bottom, and cost reduction actions are alleviating pressure on profit margins [6] - The company reported a revenue of $1.183 billion for 3QFY25, a year-on-year decrease of 2$1.04 billion, a year-on-year increase of 21.2% [4] - The Non-GAAP net profit attributable to the parent company was $113 million, down 14.3$296 million, a year-on-year increase of 11.4%, which is a slowdown of 35.4 percentage points compared to the same period last year [5] - The high-end one-on-one training business is facing challenges due to its premium pricing, and the demand for studying abroad is returning to normal after the rapid release of pent-up demand from the pandemic [5] New Business Growth - New business revenue (K9 quality training + learning machine business) grew by 34.5% year-on-year to $325 million [5] - The company is expanding its service offerings to enhance the resilience of its study abroad business by adjusting class types and increasing youth overseas exam training services [5] Profitability and Financial Projections - The Non-GAAP operating profit margin for non-selection business narrowed by 1.8 percentage points to 13.3$454 million, $534 million, and$636 million respectively, with a DCF target price of $74.8 [6][8]