朱雀飞天，算力升空 [Table_Title2] 计算机行业周报 [Table_Summary] 本周观点: ► 一、朱雀三号首飞：入轨成功，回收失败 朱雀三号的首飞远超简单成败界定。此次飞行获取的 海量真实飞行数据，为后续攻克回收难关、实现低成 本太空运输目标提供了至关重要的依据。随着朱雀三 号后续型号快速迭代，中国商业航天有望迎来成本大 幅降低、发射频次持续提升的新阶段。 ► 二、太空算力，重塑未来数字基石 太空算力正成为重塑未来数字基石的战略焦点。北京 市规划于晨昏轨道部署千兆瓦级太空数据中心，分三 阶段实现从"天数天算"到"天基主算"的跨越，以 突破地面算力的能源、散热与资源瓶颈。中国已通过 "三体计算星座"和"一星多卡"架构等技术率先推 进工程实践。与此同时，SpaceX 凭借星链巨型星座与 可复用火箭体系，构建起全球覆盖的低延迟天基网 络，其估值飙升至近 8000 亿美元，凸显市场对太空 算力基础设施的战略看好。全球竞赛已启，谁主导轨 道资源与天基算力架构，谁将掌控下一代数字生态的 制高点。 ► 三、投资建议 受益标的: 火箭：航天动力、斯瑞新材、超捷股份、高华科技、 西部材料、航天机电、航天宏图 ...

[Table_Title] 等待破局 [Table_Title2] 类权益周报 [Table_Summary] ►回顾：交易清淡，暖风渐起 12 月 1-5日，类权益市场继续震荡。截至 2025 年12 月5日， 万得全 A 收盘价为 6250.64，较 11 月 28 日上涨 0.72%；中证 转债同期上涨 0.08%，估值有所回落。 证券研究报告|宏观研究报告 [Table_Date] 2025 年 12 月 7 日 科技叙事接连涌现，但市场积极性不高。在谷歌产业链叙事 演绎后，市场将眼光放到了端侧 AI，以及相对更遥远的太空 算力。不过，相关行情持续性不强，例如 12 月 1 日 AI手机推 出后，相关品种大多在次日显著回落。同时，成交额窄幅波 动，体现出资金的观望态度。时至周五，市场迎来积极信 号，包括摩尔线程上市和保险公司调降部分股票业务风险因 子，情绪出现回暖的迹象。 ►策略：保持轮动思维，等待破局点 指数或仍将震荡，不过中枢有望上升。我们将本轮修复分为 两个阶段，第一阶段为对 11 月 21 日大跌的修复，第二阶段为 面向 10 月 9 日高点的修复。当前指数基本完成第一阶段的修 复，但在区间上 ...

Investment Rating - Industry rating: Recommended [4] Core Viewpoints & Investment Recommendations - Netflix has reached an agreement to acquire Warner Bros' core assets for a total price of $82.7 billion, reshaping the streaming industry landscape. The deal includes Warner Bros. film group, television company, and HBO and HBO Max streaming platforms, executed through cash and stock, with a per-share price of $27.75. Netflix will also assume relevant debts. The unacquired assets will fall under the newly established Exploration Universal Company. This large-scale acquisition signifies a deeper shift of leading streaming platforms towards core content production and ownership, aiming to build a more robust competitive moat through control of top IP and production capabilities. The competitive landscape is expected to deepen, with the market likely dominated by a few super platforms possessing a "vast content library + global direct user network," profoundly impacting traditional film distribution windows and business models [2][19]. Sub-industry Data Film Industry - The top three films by box office this week are "Zootopia 2" with a box office of 628.9 million yuan (76.4% market share), "Get Lost" with 122.74 million yuan (14.9% market share), and "Demon Slayer: Infinity Castle" with 25.32 million yuan (3.1% market share) [22][23]. Gaming Industry - The top three iOS games by revenue are "Honor of Kings," "Teamfight Tactics," and "Delta Force." The top three Android games by popularity are "Heartfelt Town," "Boundary: Blade of the Knife," and "Staff Sword Legend" [24][25]. TV Series Industry - The top three TV series by broadcast index are "The Rise of the Phoenix," "The Big Businessman," and "The Tang Dynasty's Strange Affairs in Chang'an," with broadcast indices of 81.1, 80.6, and 79.3 respectively [26][27]. Variety and Animation - The top three variety shows by broadcast index are "Now Departing Season 3," "Running on the Road," and "Wonderful Night Season 2," with indices of 82.9, 78.9, and 76.3 respectively. The top three animated shows are "Immortal Reversal" with an index of 192, "Devouring the Starry Sky" with 168.3, and "Happy Hammer" with 161.3 [28][30].

Liquidity Overview - In the first week of December (1-5), the liquidity remained stable with a net withdrawal of CNY 2.5 trillion, including CNY 1 trillion from reverse repos[1] - Overnight interest rate R001 decreased from 1.43% to 1.36% during the week, while the 7-day rate R007 remained stable at 1.49%[1] Market Outlook - For the week of December 8-12, liquidity is expected to remain stable, with R001 likely hovering around 1.36%[2] - The upcoming reverse repo maturity of CNY 663.8 billion is at a relatively low level compared to the median of CNY 1.0327 trillion for 2025[2] Government Bonds - The net payment for government bonds from December 8-12 is projected to be -CNY 452 billion, primarily due to CNY 2.235 trillion in bonds being deferred to the following week[5] - The issuance of a 3-month discount treasury bond is anticipated, with an estimated issuance size of CNY 600 billion, which may slightly increase the net payment to CNY 148 billion[2] Interbank Certificates of Deposit - The weighted issuance rate for interbank certificates of deposit rose to 1.64%, an increase of 1.2 basis points from the previous week[6] - The total maturity of certificates of deposit for December 8-12 is expected to be CNY 10.614 trillion, significantly higher than the previous week's CNY 4.858 trillion[6] Bill Market - As of December 5, the 1-month bill rate decreased by 39 basis points to 0.11%, while the 3-month and 6-month rates increased by 5 and 8 basis points to 0.42% and 0.81%, respectively[4] - Major banks turned to net buying of CNY 8.9 billion in bills during the period from December 1-4, reversing a net selling of CNY 52.7 billion in the previous week[4]

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints - The new - home market shows signs of marginal repair with four consecutive weeks of环比 growth, but the year - on - year readings are under pressure due to high - base effects. The second - hand housing market has certain resilience, though it also experiences fluctuations [1][2]. - There are significant structural differences in the real - estate market across different city tiers. First - tier cities have a mixed performance in new - and second - hand housing, while second - and third - tier cities also show different trends in new - and second - hand housing transactions [3][6]. - The second - hand housing listing prices show a differentiated trend among different city tiers, with first - tier cities stabilizing, and second - and third - tier cities continuing to decline [7]. 3. Summary by Relevant Catalogs 3.1 Weekly Data - **New Homes**: In the week from November 28 to December 4, the transaction area of new homes in 38 cities reached 2.92 million square meters, a 5%环比 increase, and the absolute scale is higher than the past four weeks, indicating a gradual recovery [1]. - **Second - hand Homes**: The transaction area of second - hand homes in 15 cities was 2.14 million square meters, a 3%环比 decline after two weeks of high - level consolidation. However, the trading volume in the past four weeks remained relatively stable [1]. - **Year - on - year**: Affected by high - base effects, both new - and second - hand home transactions declined year - on - year, with the decline in second - hand homes expanding significantly [1]. 3.2 Monthly Data - **New Homes**: In November, the transaction area of new homes in 38 cities decreased by 35% year - on - year, a further decline from the 27% drop in October, mainly due to the high - base effect of the same period last year [2]. - **Second - hand Homes**: In November, the transaction area of second - hand homes in 15 cities decreased by 20% year - on - year, the same as in October, showing stronger resilience compared to the new - home market [2]. 3.3 First - tier City Performance - **New Homes**: The new - home market in first - tier cities continued to recover, with a 7%环比 increase in weekly transactions, but the growth rate narrowed. There was significant differentiation among cities, with Beijing showing a large increase due to a low - base effect, while Guangzhou and Shenzhen declined [3]. - **Second - hand Homes**: The second - hand housing market cooled down, with a 4%环比 decline in the combined transactions of Beijing, Shanghai, and Shenzhen. All three cities experienced declines [3]. - **Year - on - year**: Both new - and second - hand home transactions in first - tier cities declined year - on - year, with the decline in second - hand homes expanding significantly. Shenzhen was particularly affected by the high - base effect [4]. 3.4 Second - and Third - tier City Performance - **Second - tier Cities**: New - home transactions increased slightly by 6%环比, but the recovery momentum was weak. Second - hand home transactions decreased by 7%环比 [6]. - **Third - tier Cities**: New - home transactions increased for three consecutive weeks, with a 3%环比 increase this week. Second - hand home transactions increased by 11%环比, approaching the annual high [6]. - **Year - on - year**: In second - tier cities, the decline in both new - and second - hand home transactions expanded. In third - tier cities, the decline in new - home transactions narrowed marginally [6]. 3.5 Housing Price Observation - **Overall**: From November 24 to December 1, the listing prices of second - hand homes in first - tier cities stabilized, while those in second - and third - tier cities continued to decline [7]. - **First - tier Cities**: Shenzhen's listing price rebounded, while other first - tier cities declined. Guangzhou had the deepest year - on - year decline [7]. - **Second - tier Cities**: Xi'an and Wuhan had relatively strong环比 performance, but their long - term prices were still in a downward adjustment channel. Hangzhou was relatively resistant to decline [7].

Group 1: A-Share Market Valuation - The current PE (TTM) of the A-share market is 16.33, with a median value of 13.52 and a maximum of 30.60[9] - The PE (TTM) excluding financial and oil sectors is 25.66, indicating a higher valuation compared to the overall market[6] - The risk premium for the A-share market has fluctuated, with a current ERP (万得全A) of approximately 1.5%[16] Group 2: Hong Kong Market Valuation - The Hang Seng Index has a current PE (TTM) of 12.02, with a median of 10.29 and a maximum of 22.67[56] - The Hang Seng Technology Index shows a current PE of 23.65, reflecting a significant valuation compared to other sectors[61] - The median PE for the Hong Kong financial sector is 7.45, indicating a relatively low valuation compared to historical averages[66] Group 3: U.S. Market Valuation - The S&P 500 index has a current PE (TTM) of 29.38, with a median of 21.14 and a maximum of 41.99[80] - The NASDAQ index shows a current PE of 42.14, indicating a high valuation compared to historical data[88] - The Dow Jones Industrial Average has a current PE of 30.58, with a median of 18.64[92] Group 4: Sector-Specific Valuation Insights - Non-bank financials, food and beverage, and non-ferrous metals sectors have low PE ratios, indicating potential undervaluation[23] - The technology sector, particularly computing and electronics, shows high PE ratios, suggesting overvaluation risks[37] - The consumer sector, including liquor and pharmaceuticals, has a median PE of 19.25 and 37.48 respectively, indicating strong market interest[30]

1. Report Industry Investment Rating The provided content does not mention the industry investment rating, so this part is skipped. 2. Core Viewpoints of the Report - As of the end of November 2025, China's infrastructure public REITs had issued 78 projects, with a total fund issuance of RMB 209.484 billion and a total market value of about RMB 222.3 billion, exceeding the RMB 220 billion mark. In 2026, the number of infrastructure REITs is expected to increase to 100, and new asset - type projects such as commercial real - estate REITs may be listed [1][13]. - In 2025, the primary market of C - REITs entered a new stage of regularized issuance, with new asset types gradually emerging. Although the number of issuances decreased compared to 2024, the primary market issuance was still popular, but there were signs of a slight cooling [2]. - The secondary market of C - REITs in 2025 showed a trend of rising first and then falling. The consumer and rental housing sectors led the gains, while the industrial park sector had the worst performance [3]. - In 2026, the unlocking of C - REITs projects may bring selling pressure, but the impact depends on market trends, the number of unlocked shares, and the floating profit level [4]. - In 2025, it is expected that 5 REITs projects will complete expansion and fundraising, raising about RMB 6.7 billion. Expansion can generally enhance the asset distribution rate, but the choice of issuance method will affect investors' decisions and cause secondary - market price fluctuations [6]. - In 2026, it is expected that about 20 new public REITs will be added. The demand side is still concentrated in securities firms' proprietary trading and insurance, and the introduction of incremental funds such as index - based investment tools and the inclusion of REITs in the "Shanghai - Hong Kong Stock Connect" is expected to bring a wave of allocation opportunities [7]. 3. Summary According to the Directory 3.1 Primary Market: Continued Regularized Issuance, New Asset Types to Gradually Launch - In 2025, C - REITs entered a new stage of regularized application and issuance. Relevant departments continued to promote market expansion, and new asset - type REITs such as commercial real - estate REITs are expected to be launched [2]. - From January to November 2025, 20 C - REITs were issued, with a scale of RMB 40.781 billion, a decline compared to 2024. The primary - market issuance was popular, but with the relaxation of the inquiry range, the first - day increase space of individual bonds became smaller, and there were signs of a slight cooling [2]. 3.2 Secondary Market: Rising First and Then Falling in 2025, Consumer/Protected Rental Housing Leading the Gains, Industrial Parks at the Bottom - In the first half of 2025, the C - REITs market continued the bull - market trend since the end of 2024, with the REITs total return index reaching a new high, an increase of 14.2%. The main driving factors were the low - interest - rate environment and the increase in institutional allocation demand [3]. - In the second half of 2025, the total return index declined for five consecutive months, with a retracement of 5.9% by the end of November. The main influencing factors were the strengthening of market risk appetite, the differentiation of the underlying asset fundamentals, and the unlocking of multiple projects [3]. - In 2025, the consumer and rental housing sectors had the highest increases, with increases of 22.3% and 13.0% respectively by the end of November. The industrial park sector was the only one with negative returns [31]. 3.3 Unlocking: Non - negligible Selling Pressure in 2026 - Most C - REITs projects face unlocking impacts at the 12th, 36th, and 60th months after listing, releasing a certain proportion of tradable shares. In the first half of 2026, 22 projects will be unlocked, and the pressure will ease in the second half [4]. - The impact of unlocking depends on market trends, the number of unlocked shares, and the floating profit level. Unlocking does not necessarily lead to a decline in individual bonds [4]. - The average daily turnover rate in the three stages before, during, and after the unlocking observation period generally showed a downward trend, indicating that the trading activity did not significantly increase with the increase in tradable shares [4]. 3.4 Expansion: An Important Means to Maintain Vitality - In 2025, it is expected that 5 REITs projects will complete expansion and fundraising, raising about RMB 6.7 billion, including 2 rental housing, 2 industrial park, and 1 energy project [6]. - Expansion is generally beneficial for enhancing the asset portfolio's yield and cash - flow source dispersion. However, the choice of issuance method may impact prices. The new assets of the 5 expansion projects in 2025 are expected to increase the project distribution rate by 20 - 40bp [6]. 3.5 2026: Opt for Prosperous Assets and Seize Opportunities from Oversold Individual Bonds 3.5.1 Supply Side: Approximately 20 New Additions Expected, Commercial Real - estate REITs Worth Anticipating - As of November 2025, the National Development and Reform Commission had recommended 105 REITs projects to the China Securities Regulatory Commission, 83 of which had been listed. There are 12 projects under exchange review, and it is expected that about 20 new public REITs will be added in 2026 [69][70][71]. - In November 2025, the CSRC solicited public opinions on launching commercial real - estate investment trust fund pilots, and commercial real - estate REITs may be launched in 2026 [71]. 3.5.2 Demand Side: Holdings Still Concentrated in Securities Firms' Proprietary Trading and Insurance, Looking Forward to Incremental Funds - The current investors in the REITs market mainly include industrial investors, securities firms, insurance companies, etc. Securities firms' proprietary trading has become the largest investor, followed by insurance [75]. - The introduction of index - based investment tools and the inclusion of REITs in the "Shanghai - Hong Kong Stock Connect" in 2026 may bring incremental funds and a wave of allocation opportunities [79][82]. 3.5.3 Consumer Facilities: Overall Stable Operation, Room for Active Adjustment - As of the end of November 2025, 12 consumer REITs were listed. The third - quarter performance was stable, with the annualized distribution rate ranging from 3.62% to 5.59%. The fourth quarter is the peak season for consumer REITs [85]. - The shopping - mall industry is transforming from development - driven to operation - driven. Adjustment actions in shopping malls are important signals for observing revenue changes in consumer REITs [86]. 3.5.4 Rental Housing: Excellent Rental Performance, but Need to Watch Out for Competitor Pressure - As of the end of November 2025, 8 rental - housing REITs were listed. The rental - housing industry has seasonal fluctuations. The third - quarter performance was stable, with the annualized distribution rate ranging from 2.71% to 3.94% [90][91]. 3.5.5 Transportation Facilities: Pay Attention to the Diversion and Attraction Effects of Surrounding Road Network Reconstruction - As of the end of November 2025, 13 transportation - facility REITs were listed, all of which are expressways. The performance of individual projects varies, and the diversion and attraction effects of surrounding road networks are important factors for observing fundamentals [94]. 3.5.6 Data Centers: Single Tenant but Long - term Leases, Promising Performance in the Computing Power Boom - There are currently 2 data - center REITs in this sector, both listed on August 8, 2025. The projects have single or few reliable tenants, long leases, and high cash - flow dependence on tenants [98]. 3.5.7 Municipal Environmental Protection: Strong Public - Utility Attributes, Stable or Rising Treatment Volume or Unit Price - As of the end of November 2025, 4 municipal environmental - protection REITs were listed, including ecological - environment protection, water supply, and heating. The prices are affected by government regulation, and the third - quarter performance of each project had its own characteristics [103]. 3.5.8 Warehousing and Logistics: Impact of New Supply Still Exists, Overseas Tenants Adjusted after the Trade War - As of the end of November 2025, 11 warehousing - and - logistics REITs were issued. The new supply has an impact on the market, and the rent of some warehouse types is under pressure. Projects with a high proportion of related - party leases are more resistant to competition [106][109]. 3.5.9 Energy Facilities: Multiple Factors Affect Power Generation and Grid - connected Electricity, National Subsidies Remain a Guarantee - As of the end of November 2025, 8 energy - facility REITs were listed. The power generation and grid - connected electricity of some projects were affected by factors such as wind resources and line outages, but national subsidies can improve the distribution rate [111]. 3.5.10 Industrial Parks: Many Projects with Occupancy Rates in the 60s, Incubators Generally with Poor Performance - As of the end of November 2025, 20 industrial - park REITs were listed. The third - quarter performance of the industrial - park sector continued to be under pressure, with significant project differentiation. Projects with occupancy rates in the 80s - 90s are worthy of attention [114][115].

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core View of the Report In 2026, the investment strategy for bank Tier 2 and perpetual bonds should focus on trading, with limited value in credit quality downgrading. The demand side of bank Tier 2 and perpetual bonds may face pressure, mainly with structural impacts, while the net supply is likely to remain at a low level, and small and medium - sized banks may continue to increase issuance. The credit spread of medium - and long - term AAA - rated Tier 2 and perpetual bonds still has an upper limit and a lower limit, but trading difficulties have increased, and short - term downgrading of these bonds may not yield significant excess returns [2][7][68]. 3. Summary by Relevant Catalogs 3.1 2025, Bank Tier 2 and Perpetual Bonds: Primary Market Contraction and Secondary Market Differentiation - **Net financing contraction**: In 2025, the net financing of bank Tier 2 and perpetual bonds decreased year - on - year. The total issuance was 1.58 trillion yuan, with a net financing of 432.7 billion yuan, a year - on - year decrease of 86.4 billion yuan. The decrease was mainly due to the reduced supply from joint - stock and small and medium - sized banks [12]. - **Differentiated performance**: The yield of bank Tier 2 and perpetual bonds showed an "M" - shaped oscillatory trend in 2025. Short - term and low - grade bonds performed strongly, with significant narrowing of credit spreads, while long - term bonds underperformed [31]. 3.2 2025, Changes in Institutional Behavior - **More active trading**: In 2025, the trading of bank Tier 2 and perpetual bonds became more active. The average daily trading volume increased significantly compared to the previous year, and the proportion of trading volume in all credit bonds rose from 31% in 2024 to 39% [1]. - **Increased allocation by major non - bank institutions**: In 2025, funds, wealth management products, insurance, and other asset management products all net - bought other types of bonds (mainly bank Tier 2 and perpetual bonds) in the secondary market. Among them, funds, wealth management products, and insurance increased their allocation efforts year - on - year [39]. 3.3 2026, Outlook on the Supply and Demand of Bank Tier 2 and Perpetual Bonds - **Demand side pressure with structural impacts**: Under the new regulations on fund sales fees, short - term and medium - short - term bond funds may face redemption pressure, leading to selling pressure on Tier 2 and perpetual bonds. Wealth management products are undergoing rectification of net - value smoothing methods, reducing their positions in these bonds. The full implementation of the new insurance I9 accounting standard in 2026 may suppress the demand for long - term bonds [2][3]. - **Low net supply, potential increase from small and medium - sized banks**: From 2024 - 2025, the net financing of state - owned banks' Tier 2 and perpetual bonds was significantly reduced and may remain low in the future. Although the capital adequacy ratios of joint - stock, city, and rural commercial banks are above the regulatory requirements, they have shown a downward trend this year. If interest rates remain low next year, small and medium - sized banks may increase issuance [63]. 3.4 2026, Focus on Trading, Limited Value in Downgrading - **Credit spread characteristics**: The credit spread of medium - and long - term AAA - rated Tier 2 and perpetual bonds still has an upper limit and a lower limit. In 2025, the credit spread of 3 - year bonds had a slightly lower central value and a compressed fluctuation range; the central values of 5 - year and 10 - year bonds increased, with the 5 - year bond's fluctuation range narrowing and the 10 - year bond's upper and lower limits rising [68][69][73]. - **Trading difficulties**: The yield of Tier 2 and perpetual bonds has been oscillating in a narrow range at a low level, and the "amplification of interest rate fluctuations" attribute has weakened year - on - year, increasing trading difficulties. In 2026, more precise timing is needed to enhance returns [81][84]. - **Low downgrading value**: The credit risk of Tier 2 and perpetual bonds is controllable, but the cost - effectiveness of short - term and low - grade bonds has decreased significantly. In the future, short - term downgrading may not yield significant excess returns [92][95].

Investment Rating - The industry rating is "Recommended" [6] Core Insights - In Q3 2025, Kinross reported a gold production of 520,301 ounces (16.18 tons), a year-on-year decrease of 12.4% but a quarter-on-quarter increase of 1.5% [2] - The average realized gold price in Q3 2025 was $3,460 per ounce, reflecting a year-on-year increase of 39.7% and a quarter-on-quarter increase of 5.3% [2] - The net profit attributable to common shareholders for Q3 2025 was $584.9 million, a year-on-year increase of 64.6% and a quarter-on-quarter increase of 10.2% [4] Production and Sales Performance - Gold sales in Q3 2025 were 520,733 ounces (15.67 tons), down 10.0% year-on-year but up 2.4% quarter-on-quarter [2] - The unit production cost for sold gold in Q3 2025 was $1,150 per ounce, a year-on-year increase of 17.8% and a quarter-on-quarter increase of 6.5% [3] - The all-in sustaining cost per equivalent ounce sold was $1,622, up 20.1% year-on-year and 8.6% quarter-on-quarter [3] Financial Performance - Q3 2025 sales revenue reached $1.8021 billion, a year-on-year increase of 25.8% and a quarter-on-quarter increase of 4.3% [4] - Operating profit for Q3 2025 was $810.1 million, reflecting a year-on-year increase of 47.9% and a quarter-on-quarter increase of 4.6% [4] - The net cash flow from operating activities in Q3 2025 was $1.0241 billion, a year-on-year increase [5] Development Projects - The Great Bear project is advancing with ongoing exploration and permitting activities, with significant progress in infrastructure development [9][10] - The Round Mountain project is also progressing well, with extensive drilling confirming high-grade mineralization [11] - The Bald Mountain Redbird project is on track, with studies and engineering design for potential expansion making good progress [12][13] Company Guidance - Kinross expects gold equivalent production in 2025 to be slightly above 2 million ounces, with Q4 production anticipated to be slightly below 500,000 ounces [17] - The company projects attributable capital expenditures to reach $1.15 billion, with an increase in Q4 spending planned [17]

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]