
Core Viewpoint - The company is actively addressing historical refund issues while attempting to stabilize its financial situation and improve its cash flow management [1][2][3] Refund Progress - The company is making progress in refunding students, with some regions having cleared historical refunds and the refund cycle returning to normal [1] - The total amount of historical refunds remains undisclosed, but the company reported a "pending refund liability" of 580 million yuan for 2024 [2] Financial Performance - In 2024, the company reported revenue of 2.6 billion yuan, net profit of 180 million yuan, and operating net cash flow of 560 million yuan [2] - The company faces high financing costs, with financial expenses reaching 199 million yuan, a 94% increase year-on-year [3] Funding Challenges - The company is seeking external funding to resolve refund issues but is facing difficulties due to historical credit problems and high collateral risks [3] - As of the end of 2024, the company's mortgage loan balance was 555 million yuan, a 40% decrease from the previous year [3] Business Strategy - The company is diversifying into new business areas such as rural revitalization and online education, but has yet to establish successful projects in these sectors [4] - The company should focus on its core employment services, particularly for university students, to enhance its teaching and research capabilities [5] Market Outlook - The public sector recruitment training business is expected to continue growing, although competition will intensify [5] - The company is exploring partnerships to expand its network while maintaining teaching quality, especially in light of the low pass rates for recruitment exams [6]