新东方-S（09901）：FY25Q3业绩点评：核心教育业务收入稳健增长，出国及文旅业务拖累利润

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The core education business shows steady revenue growth, while the overseas and cultural tourism businesses are dragging down profits [1] - For FY25Q3, the company achieved net revenue of $1.183 billion, a year-on-year decrease of 2.0$87 million, a year-on-year increase of 0.1% [5][6] Revenue Performance - FY25Q3 net revenue (excluding revenue from self-operated products and live e-commerce) was $1.038 billion, representing a year-on-year growth of 21.2$1.009 billion and $1.037 billion, representing a year-on-year growth of 10$406 million, $536 million, and$679 million, respectively, reflecting a conservative outlook [9] - Corresponding EPS for FY2025-2027 is projected to be $0.25,$0.33, and $0.42, with current stock price corresponding to P/E ratios of 19x, 14x, and 11x [9]