Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company is expected to see stable growth in student enrollment, particularly from the Anyang College Yuanyang Campus, Health College, and Jingzhou College, with the new Tianping College campus anticipated to contribute to enrollment and revenue growth after its establishment [5] - The company has a solid financial performance with FY2025 revenue and net profit showing year-on-year growth of 9.8% and 7.4% respectively, indicating a positive trend in its financial health [2][4] - The company is actively expanding its international education partnerships, which is expected to enhance its growth prospects and create synergies between domestic and foreign institutions [5] Financial Summary - For FY2025, the company's revenue, net profit, and adjusted net profit are projected to be CNY 1.791 billion, CNY 0.836 billion, and CNY 0.837 billion respectively, reflecting a year-on-year growth of 9.8%, 7.4%, and 5.9% [2] - The gross margin for FY2025 is 54.2%, with a net margin of 46.7%, showing a decline from the previous year primarily due to increased employee costs [4] - The company maintains a strong cash position with cash and cash equivalents of CNY 0.832 billion, a 5.2% increase year-on-year [4] Enrollment and Tuition Insights - The total number of enrolled students for FY2025 is 110,000, representing a 6.4% increase year-on-year [3] - Tuition fees across various colleges have shown an upward trend, with average tuition fees for different colleges increasing, indicating potential for further revenue growth [3] Future Projections - Revenue forecasts for FY2026, FY2027, and FY2028 are CNY 2.140 billion, CNY 2.404 billion, and CNY 2.631 billion respectively, with corresponding net profit projections of CNY 1.033 billion, CNY 1.172 billion, and CNY 1.290 billion [6][9] - The company is expected to maintain a strong earnings per share (EPS) growth trajectory, with FY2026 EPS projected at CNY 0.86, increasing to CNY 1.07 by FY2028 [6][9]

[Table_Title] Equinox Gold 2025Q3 黄金产量分别环比增加 56.7%/60.7%至 7.35 吨/7.44 吨，净利润环比增长 259.7%至 8560 万美元 [Table_Title2] 有色金属-海外季报 证券研究报告|行业研究报告 [Table_Date] 2025 年 12 月 3 日 [Table_Summary] 季报重点内容: ► 生产经营情况 产量：2025Q3 黄金产量为 23.64 万盎司（7.35 吨），同比增加 35.9%，环比增加 56.7%。 销量：2025Q3 黄金销量为 23.93 万盎司（7.44 吨），同比增加 37.6%，环比增加 60.7%。 现金成本：2025Q3 单位售出黄金的现金成本为 1434 美元/盎司 （331.9 元/克），同比下降 16.6%，环比下降 3.0%。 总维持成本（AISC）：2025Q3 单位售出黄金的 AISC 为 1833 美元/盎司（424.3 元/克），同比下降 8.1%，环比下降 6.4%。 平均实现价格：2025Q3 黄金实现价格为 3,397 美元/盎司 （786.4 元/克），同比上涨 38 ...

证券研究报告|行业研究报告 [Table_Date] 2025 年 12 月 3 日 [Table_Title] Eldorado Gold 2025Q3 黄金产/销量环比减少 13.9%/11.4%至 3.58/3.62 吨，调整后净利润环 比减少 8.7%至 8230 万美元 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 生产经营情况 产量：2025Q3 黄金产量 11.52 万盎司（3.58 吨），环比减少 13.9%，同比减少 8.0%。 销量：2025Q3 黄金销量 11.65 万盎司（3.62 吨），环比减少 11.4%，同比减少 5.9%。 平均实现价格：2025Q3 平均实现价格为 3527 美元/盎司 （816.4 元/克），环比上涨 7.9%，同比上涨 41.5%。 总现金成本：2025Q3 总现金成本为 1195 美元/盎司（276.6 元/ 克），环比上涨 12.3%，同比上涨 25.4%。主要源于特许权使 用费支出增加、单位成本上升以及销售盎司量下降所致。 全维持成本：2025Q3 全维持成本为 1679 美元/盎司（388.7 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is experiencing a decline in net profit primarily due to increased investments leading to a decrease in gross margin and goodwill impairment of 0.42 billion [2] - The company plans to distribute a final dividend of 7.4 Hong Kong cents per share and an interim dividend of 6.60 Hong Kong cents, resulting in a dividend payout ratio of 30% and a corresponding dividend yield of 9.66% [2] Revenue and Profit Analysis - For FY2025, the total revenue, net profit attributable to the parent company, and adjusted net profit are projected to be 24.89 billion, 5.14 billion, and 5.92 billion respectively, reflecting a year-on-year growth of 7.7%, a decline of 28.1%, and a decline of 20.7% [2] - The revenue from tuition, accommodation, and non-degree vocational education services is 21.56 billion, 2.05 billion, and 1.28 billion respectively, with year-on-year growth of 6.3%, 4.9%, and 46.3% [3] Student Enrollment and Geographic Performance - The total number of enrolled students at the end of FY2025 is 99,800, representing a year-on-year increase of 4.4% [3] - Revenue from China and overseas is 24.65 billion and 0.24 billion respectively, with year-on-year growth of 8.6% and a decline of 43.1% [3] Capital Expenditure and Liabilities - Capital expenditure for FY2025 is 8.65 billion, a year-on-year increase of 122%, primarily for land acquisition and construction of new educational facilities [4] - Contract liabilities for FY2025 are 14.41 billion, showing a year-on-year decrease of 9% [4] Profitability Metrics - The gross margin for FY2025 is 40.7%, a decrease of 8.0 percentage points year-on-year [5] - The net profit margin and adjusted net profit margin are 20.6% and 23.8%, reflecting declines of 10.3 and 8.5 percentage points year-on-year [5] Future Outlook and Earnings Forecast - Short-term projections indicate a decline in student enrollment for FY2026 due to a reduction in enrollment plans for professional upgrades, but a recovery is expected in FY2027 [6] - Revenue forecasts for FY2026 are adjusted to 29.09 billion to 25.41 billion, with net profit forecasts revised to 8.90 billion down to 6.05 billion [6] - The projected earnings per share (EPS) for FY2026 is adjusted from 0.78 to 0.50 [6]

证券研究报告|行业研究报告 [Table_Date] 2025 年 12 月 3 日 [Table_Title] B2Gold 2025Q3 黄金总产量/销量环比增加 10.8%/18.8%至 7.91 吨/7.77 吨，2025Q3 调整后净 利润环比增长 10.4%至 1.80 亿美元 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 生产经营情况 产量：2025Q3 黄金总产量为 25.44 万盎司(7.91 吨)，环比增加 10.8%，同比增加 40.9%。Fekola、Masbate 和 Otjikoto 三座矿 山在第三季度均超额完成预期产量。公司目前认为 2025 年第 四季度有望成为全年黄金产量最高季度。 销量：2025Q3 黄金总销量为 24.99 盎司(7.77 吨)，环比增加 18.8%，同比增加 38.4%。 实现金价：2025Q3 黄金实现价格为 3133 美元/盎司（725.2 元/ 克），环比下跌 4.8%，同比上涨 26.2%。 ►财务业绩情况 营业收入：2025Q3 公司营业收入为 7.83 亿美元，环比增长 13.2%，同 ...

Investment Rating - Industry rating: Recommended [4] Core Insights - In Q3 2025, the company's gold production increased by 6% quarter-on-quarter to 12.128 tons, while sales also rose by 6% to 11.927 tons. However, production decreased by 8% year-on-year [1] - The total cash cost for gold in Q3 2025 was $1,638 per ounce, up 16% year-on-year and 5% quarter-on-quarter. The all-in sustaining cost (AISC) was $1,954 per ounce, reflecting a 17% year-on-year increase and a 1% quarter-on-quarter increase [2] - The company achieved revenues of $1.23 billion in Q3 2025, representing a 21.90% year-on-year growth and a 13.47% quarter-on-quarter increase, driven by a 34% increase in average gold price received [3] Production and Operational Performance - Q3 2025 gold production was 12.128 tons (389,923 ounces), with a 6% increase from the previous quarter but an 8% decrease from the same quarter last year. The production issues at Doornkop and Moab Khotsong mines were addressed, contributing to the quarter-on-quarter increase [1] - The average gold price received in Q3 2025 was $3,209 per ounce, a 36% increase year-on-year and a 7% increase quarter-on-quarter [2][3] - The company’s total cash costs and AISC increased due to a combination of lower planned production, rising royalties, contractor costs, and annual electricity price hikes [2] Financial Performance - The company reported a production profit of $611 million in Q3 2025, which is a 47.94% increase year-on-year and a 20.51% increase quarter-on-quarter [3] - Capital expenditures in Q3 2025 were $163 million, a decrease of 11.41% quarter-on-quarter but an increase of 33.61% year-on-year, reflecting investments in high-return projects [5] Future Guidance - For FY 2026, the company aims for total production of 1.4 to 1.5 million ounces, with AISC maintained between R1,150,000 and R1,220,000 per kilogram [7]

证券研究报告|公司点评报告 1）股份转让：12 月 2 日，湖北文化旅游集团（下简称"湖北文旅"）与吴启元、从波、施晨宁签署《股份转让 协议》，拟通过协议转让形式受让三位直接持有的君亭酒店集团股份有限公司（下简称"君亭酒店 "） 58,315,869 股，共占君亭酒店股份总数的 29.99%，吴启元/从波/施晨宁三位转让股份占股份总数比例分别为 14.42%/13.17%/2.40%，每股转让价格 25.71 元，股份转让总价款为 14.99 亿元。2）要约收购：以上述股份转 让完成过户登记为前提，湖北文旅向君亭酒店全体股东发出不可撤销的部分要约收购，收购股份 数量 11,686,058 股，占君亭酒店股份总数的 6.01%，收购价格为每股人民币 25.71 元；在湖北文旅发出要约后，吴 启元先生同意并不可撤销的承诺，自要约收购期限起始日起 5 日内应以其持有的君亭酒店 11,686,508 股股份 （占上市公司股份总数的 6.01%）申报预受要约。3）控股股东变更：交易完成后，湖北文旅将拥有君亭酒店 36.00%的股份及股份对应的表决权，君亭酒店控股股东变更为湖北文旅，实际控制人变更为湖北省人民政府国 有资 ...

Investment Rating - The investment rating for the company is "Buy" [1][6] Core Views - The report highlights stable dividends and revenue growth attributed to the consolidation of Ma'anshan College, with a projected revenue of 1.872 billion yuan for FY2025, reflecting a year-on-year growth of 10.6% [2][3] - The net profit is expected to decline by 9.6% year-on-year to 748 million yuan in FY2025, primarily due to increased educational investments and a decrease in gross margin [2][4] - The company plans to distribute interim and final dividends of 0.07 and 0.06 HKD respectively, resulting in a payout ratio of 30% and a dividend yield of 9.03% [2] Revenue and Profit Analysis - The revenue growth is significantly influenced by the consolidation of Ma'anshan College, with a 5% increase in student enrollment [3] - For FY2025, tuition, accommodation, and other educational service revenues are projected to be 1.757 billion, 107 million, and 8 million yuan respectively, with year-on-year growth rates of 10.7%, 10.0%, and 1.7% [3] - The gross margin is expected to decline to 45.7% in FY2025, down 10.3 percentage points year-on-year, due to increased investments in high-quality educational teams and facilities [4] Financial Projections - The company anticipates a stable growth in student enrollment, with a projected total of 77,000 full-time students in FY2025, of which 69,000 are undergraduates [5] - Revenue forecasts for FY2026 and FY2027 have been adjusted upwards to 2.018 billion and 2.138 billion yuan respectively, while net profit estimates have been revised downwards to 774 million and 825 million yuan [5][6] - The projected earnings per share (EPS) for FY2026 and FY2027 are adjusted to 0.38 and 0.41 yuan respectively [6] Cash Flow and Capital Expenditure - The company reported cash and cash equivalents of 1.164 billion yuan for FY2025, an increase of 4.8% year-on-year, indicating a strong cash position [4] - Capital expenditures are expected to rise to 443 million yuan in FY2025, primarily for establishing new campuses and upgrading existing facilities [4]

证券研究报告|宏观点评报告 [Table_Date] 2025 年 12 月 02 日 [Table_Title] 资产配置日报：政策博弈与靴子落地 12 月 2 日，股债再次双杀。股市下跌，多与情绪相关，连续修复行情过后，迎来常规波动；债市则在定价消 息面的几个利空。 权益市场缩量下跌。万得全 A下跌 0.64%，全天成交额 1.61 万亿元，较昨日（12 月 1 日）缩量 2822 亿 元。港股方面，恒生指数上涨 0.24%，恒生科技下跌 0.37%。南向资金净流入 41.1 亿港元，其中美团、小米集团 和阿里巴巴分别净流入 5.92 亿港元、3.80 亿港元和 3.57 亿港元，而腾讯控股净流出 3.81 亿港元。 市场交易清淡，整体处于观望状态。今日成交额再度缩量至 1.6 万亿元附近，处于 8 月以来的低位。事实上， 从 11 月 14 日以来，市场量价矛盾显著。一方面指数宽幅震荡，在大跌后持续修复；另一方面成交额却变化不 大，始终没有突破 2 万亿元，也未曾低于 1.5 万亿元。这体现出，美股大跌带来的悲观情绪并未快速蔓延，而接连 涌现的科技叙事也未能驱动增量资金持续入场。大部分资金希望等待更明确 ...

证券研究报告|宏观点评报告 [Table_Date] 2025 年 12 月 01 日 哪些行业可能成为轮动的"下一站"？若市场继续追逐弹性，可能会选择"今年表现强势，但尚未明显修 复"的行业。从 SW 一级行业来看，电力设备在今年以来涨幅靠前，上涨 40.85%，但在 11 月 21 日至今仍下跌 1.22%，有望吸引资金关注。基础化工今年以来上涨 28.25%，而在 11 月 21 日至今仍下跌 1.39%，同样可能成为 轮动方向。而若市场避险情绪升温，则可能会选择"今年上涨不多，且尚未明显修复"的行业，如消费和红利品 种。此外，11 月以来的政策空窗期已基本进入尾声，市场可能提前博弈 12 月政治局会议和中央经济工作会议的政 策，消费、地产等行业有望迎来阶段性反弹。 港股科技和红利品种的调整幅度，已基本来到历史底部经验值。科技方面，恒生科技在 10 月 3 日至 11 月 21 日下跌 19.26%，从 2024 年 10 月以来的经验来看，其每段跌幅基本处于 20%-30%范围内；红利方面，港股通红 利低波指数在 2024 年 10 月以来的下跌分为两类，一是小幅下跌，跌幅处于 5%-7%附近；二是大 ...