XUEDA(SZ:000526) Xin Lang Cai Jing·2025-08-28 08:33Core Viewpoint - The company has demonstrated strong revenue growth and profitability in the first half of 2025, with a focus on personalized education and diversified business expansion [1][2][3][4]. Financial Performance - In H1 2025, the company achieved revenue of 1.92 billion yuan, a year-on-year increase of 18.3%, and a net profit attributable to shareholders of 230 million yuan, up 42.2% [1]. - For Q2 2025, revenue reached 1.05 billion yuan, reflecting a 15% year-on-year growth, while net profit attributable to shareholders was 160 million yuan, an increase of 40% [1]. - The company's gross margin improved to 36.3% in H1 2025 and 39.81% in Q2 2025, with year-on-year increases of 0.26 and 0.98 percentage points, respectively [3]. - The net profit margin for H1 2025 was 11.98%, up 2.01 percentage points year-on-year, and for Q2 2025, it was 14.84%, an increase of 2.72 percentage points [3]. Business Development - The company has over 300 personalized learning centers and has expanded its full-time training bases to over 30, with more than 5,200 dedicated teachers [2]. - The company has made acquisitions in vocational education, including several technical schools, and has established deep collaborations with higher vocational institutions [2]. - The company has opened 14 cultural spaces and launched a healthcare integration business under the "Qianyi Health" brand, indicating a steady advancement in diversified operations [2]. Debt Management and Market Position - The company has cleared historical shareholder loans, significantly improving its financial structure and reducing financial costs [3][4]. - As of July 31, 2025, the company repurchased 2.1713 million shares, representing 1.78% of its total share capital, demonstrating confidence in its long-term development [4]. - The company is positioned to benefit from the ongoing industry recovery, leveraging its brand and scale advantages in the personalized education sector [4]. Profit Forecast and Valuation - The company forecasts net profits attributable to shareholders of 255 million yuan, 311 million yuan, and 369 million yuan for 2025-2027, with corresponding price-to-earnings ratios of 25x, 20x, and 17x [4].